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30 May 2024, 14:24 PM

BOC Surpasses March 2024 Target Collection; Earns PhP2.5 Billion Surplus

April 3, 2024

The Bureau of Customs (BOC) has exceeded its revenue collection target for March 2024, marking the third consecutive month this year of consistently hitting its target under the leadership of Customs Commissioner Bienvenido Y. Rubio.

Based on the preliminary data in March 2024, the BOC collected PhP75.429 billion, surpassing the target of PhP72.910 billion by an impressive 3.45%, resulting in a surplus of PhP2.519 billion.

From January to March 31, 2024, the BOC exceeded its cumulative revenue target by 4.03%, collecting PhP219.385 billion versus its target of PhP210.896 billion. This reflects a robust growth of 2.60%, or PhP5.557 billion, compared to the PhP213.829 billion collection for the same period in 2023.

The BOC’s strong fiscal performance is attributed to its higher rate of assessment or enhanced system for determining the customs value of imported goods. Additionally, the BOC boosted its revenue collection through its strict monitoring and collection of deferred payment of Government Importation.

Intensified post-clearance audit also resulted in ensuring compliance to customs laws and collection of rightful duties and taxes from importers. Recently, BOC signed a Memorandum of Agreement with Landbank of the Philippines, which facilitates digital payment of miscellaneous fees and streamlines payment processes for stakeholders to further improve its collection.

Moreover, the BOC’s strengthened border protection efforts significantly contributed to its enhanced collection performance. By intercepting various smuggled goods through multiple seizure operations in March, the agency effectively prevented revenue loss due to illicit activities.

Commissioner Rubio expressed gratitude for the collective efforts of the men and women of the BOC and reiterated the agency’s dedication to strengthening revenue performance in line with President Ferdinand R. Marcos Jr’s directive.

As the BOC marks another milestone, the Commissioner emphasized that, “The revenue collected by our agency serves as a lifeline for our government coffers, funding crucial national projects such as infrastructure development, education, healthcare, and disaster preparedness. Every peso collected is a testament to our commitment to serving the Filipino people and building a brighter future for our nation.”

Republic of the Philippines

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