BOC exceeds revenue target for 5th straight month in May

0
57
  • The Bureau of Customs exceeded its monthly revenue collection target in May, the fifth straight month this year
  • The agency took in P81.73 billion in May, up 2.68% from P79.621-billion target
  • For January to May, BOC’s cumulative collection reached P381.347 billion, exceeding the target of P366.047 billion set for the first five months of the year by 4.2%
  • BOC attributes its collection performance to ensuring accurate duty and tax collection, non-traditional revenue sources, and intensified border control and trade facilitation

The Bureau of Customs (BOC) exceeded its monthly revenue collection target for the fifth straight month this year, taking in P81.73 billion in May 2024, 2.68% higher than the P79.62 billion target for the period.

The latest collection was also 4.9% more than the P77.926 billion revenue posted in May 2023, BOC said in a statement.

For the first five months of the year, BOC collected P381.347 billion, exceeding the target of P366.047 billion by 4.2% and the January to May 2023 take by 6.13%.

BOC attributes its positive performance to continuous monitoring of the values and classifications of imported commodities to ensure accurate duty and tax collection.

Non-traditional sources, like post-clearance audits and public auctions, also boosted revenue collection while intensified border control and improved trade facilitation further contributed to consistent revenue efficiency, BOC noted.

“These efforts not only increase tax collection but also deter smuggling and illegal activities, leading to higher revenue collection,” the customs bureau pointed out.

It added that revenues it collects “play a crucial role in developing vital infrastructure projects, improving educational facilities, enhancing healthcare services, and strengthening national security measures, ultimately fostering a conducive environment for sustainable economic growth and prosperity for all Filipinos.”

Customs commissioner Bienvenido Rubio said BOC “will continue to work tirelessly to maintain this positive momentum.”

This year, the BOC is tasked to collect P959 billion, 9.7% higher than its 2023 target of P874.166 billion. The 2024 target is also 8.5% more than last year’s P883.624 billion actual collection.

READ: BOC surpasses April revenue target by 4.11%