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Philippine Standard Time:
23 June 2024, 05:32 AM

BOC surpassed October 2023 collection goal with over a billion surplus

November 3, 2023

The Bureau of Customs (BOC) achieved another milestone by exceeding its target collection for October 2023 with nearly PhP80 billion in total revenues.

Preliminary data shows that BOC collections reached PhP78.616 billion in October, posting a 1.4 percent increase or PhP1.084 billion above its collection target for the month.

For the ten-month period from January to October 2023, BOC revenues reached PhP739 billion, with 2.4 percent more or PhP17.287 billion higher than its PhP721.717 billion target collection for the period.

This year’s revenue also increased by 3.57 percent or PhP25.482 billion from the previous year’s collection of PhP713.522 billion.

Last October 18, 2023, BOC further boosted its trade facilitation efforts with the signing of a Memorandum of Agreement (MOA) with PHLPOST aimed at expediting clearances, enhancing security controls, and simplifying customs procedures.

Commissioner Bienvenido Y. Rubio said that the remarkable feat demonstrates the Bureau’s dedication to excellence, reinforcing its mandate to increase revenue collection and enhance trade facilitation in support of the country’s economic development.

“Our relentless drive against smuggling and the implementation of trade efficiency measures significantly contributed to the increase in revenue collection. We are doubling our efforts to provide financial resources to support the government’s programs and projects.” Commissioner Rubio said.

BOC is also ramping up its digitalization efforts by developing new systems and modern facilities to further streamline procedures and reduce processing times in import and export transactions.

Republic of the Philippines

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