BOC exceeds Oct revenue target by 1.4%

BOC exceeds Oct revenue target by 1.4%
  • The Bureau of Customs exceeded its October revenue target by 1.4%
  • The agency took in P78.616 billion in October compared to the goal of P77.532-billion
  • From January to October, BOC posted revenues of P739 billion, up 2.4% from the year-on-year target of P721.717 billion
  • The agency is ramping up its digitalization efforts by developing new systems and modern facilities to further streamline procedures and reduce import and export processing times

The Bureau of Customs (BOC) collected P78.616 billion in October, 1.4% more than the P77.532-billion target for the month.

The latest figure is also 4.1% higher than actual collections of P75.5 billion in October 2022, the agency said in a statement.

From January to October, BOC took in P739 billion, surpassing the target of P721.717 billion by 2.4%, and actual collection for the period of P713.522 billion by 3.57%.

BOC attributed the increase to the agency’s relentless efforts against smuggling and implementation of measures to improve trade efficiency.

Customs commissioner Bienvenido Rubio said, “We are doubling our efforts to provide financial resources to support the government’s programs and projects.”

Rubio noted the BOC is also intensifying efforts to enhance its digital systems and modernize facilities. These initiatives aim to simplify import and export procedures and reduce processing times, he said.

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