BOC tops first-half collection target by 3.03%

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BOC tops first-half collection target by 3.03%
  • The Bureau of Customs (BOC) topped its first-half collection target by 3.03%
  • BOC collected P456.053 billion in the first half of 2024, exceeding its P442.621 billion target
  • The January to June 2024 actual collection was also 5.22% higher year-on-year based on preliminary reports
  • For June 2024 alone, BOC took in P75.159 billion, surpassing the monthly target by 0.92%
  • Additional revenue includes P1.749 billion collected from post-clearance audit findings and voluntary disclosures, P88.118 million from public auction proceeds at various ports, and P5.706 billion from the Tax Expenditure Fund

The Bureau of Customs (BOC) topped its first-half collection target by 3.03%.

The agency collected P456.053 billion in the first half of 2024, exceeding its P442.621 billion target for the period.

The January to June 2024 collection was also 5.22% higher year-on-year based on preliminary reports, BOC said in a statement.

For June 2024 alone, BOC took in P75.159 billion, surpassing by 0.92% the monthly target, the sixth consecutive month it has done so.

BOC said its positive collection performance is partly “attributed to the strict monitoring and collection of deferred payments of government importations.”

Additional revenue of P1.749 billion collected from post-clearance audit findings and voluntary disclosures, P88.118 million from public auction proceeds at various ports, and P5.706 billion from the Tax Expenditure Fund, also helped meet the target.

Customs commissioner Bienvenido Rubio also attributed BOC’s collection performance to the collective efforts of bureau personnel, 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,” Rubio said.

“Our efforts not only strengthen fiscal stability but also support crucial national development initiatives, including infrastructure projects, education, healthcare, and national security enhancements,” he added.

This year, the BOC is tasked to collect P959 billion in revenues, 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 exceeds revenue target for 5th straight month in May