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BOC Exceeds Midyear Revenue Target, Collects P456 Billion

By: Victor Baldemor Ruiz

The Bureau of Customs (BOC) has exceeded its revenue collection target for the first half of 2024, accumulating a total of P456.053 billion from January to June, surpassing the midyear target of P442.621 billion by 3.03% equivalent to P13.433 billion, based on preliminary reports.

Compared to the same period last year, the midyear collection marks a notable 5.22% increase, amounting to P22.621 billion. For June alone, the BOC collected P75.159 billion, surpassing the monthly target by 0.92% or P685 million, maintaining a streak of six consecutive months of exceeding revenue goals, which in part is attributed to the strict monitoring and collection of deferred payments of government importations.

Notable additional revenue collected includes P1.749 billion from audit findings and voluntary disclosures, P88.118 million from public auction proceeds at various ports and a significant contribution of P5.706 billion from the Tax Expenditure Fund, all of which helped the bureau meet its target.

Commissioner Bienvenido Rubio attributes the unprecedented revenue performance for the first half of 2024 to the collective efforts of the men and women of the Bureau, enhanced valuation methods and the ongoing digitization and modernization of BOC systems.

“This achievement is a testament to the BOC’s commitment to efficient revenue collection and combating illicit trade activities,” remarked Commissioner Rubio. “Our efforts not only strengthen fiscal stability but also support crucial national development initiatives, including infrastructure projects, education, healthcare, and national security enhancements.”

The BOC remains steadfast in its mission to sustain economic growth and prosperity for all Filipinos through continued innovation and vigilant enforcement.

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