BOC Jan collection hits P73.3 billion

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BOC Jan collection hits P73.3 billion
  • The Bureau of Customs collected P73.329 billion in January 2024, surpassing its P71.779 billion target by 2.16%
  • The January 2024 figure is 3.88% or P2.738 billion higher than the actual January 2023 collection
  • The BOC attributes the increase in collections to its “improved system of determining the customs value of imported goods, strengthened border protection, and concrete trade facilitation efforts”

The Bureau of Customs (BOC) collected P73.329 billion in January 2024, surpassing its P71.779 billion target by 2.16%.

The January 2024 figure is 3.88% or P2.738 billion higher than the actual January 2023 collection, the BOC said in a statement.

The agency attributes the increase in collections to its “improved system of determining the customs value of imported goods, strengthened border protection, and concrete trade facilitation efforts.”

“The BOC is geared up for intensified efforts in 2024. We are committed to working twice as hard to ensure that we not only meet but exceed our year-end revenue target,” Customs commissioner Bienvenido Rubio said.

This year, the BOC is tasked to collect close to P1 trillion in revenues, according to its mother agency, the Department of Finance. In 2023, the revenue-generating agency was able to collect P883.624 billion, surpassing by 1.08% its target of P874.166 billion.

READ: BOC targets 9.7% higher revenue collection for 2024