The Bureau of Customs (BOC) recorded a preliminary actual collection performance of P784.54 billion from January to October 2024. This amount marks a robust 6% increase compared to last year’s period, resulting in an additional P44.445 billion over the P740.095 billion collected in 2023.
The cumulative collection from January to October 2024 exceeded the Development Budget Coordination Committee’s target of P779.990 billion by 0.6%, achieving a surplus of P4.550 billion based on the collection performance of the collection districts.
BOC Commissioner Bienvenido Y. Rubio stated, “We are resolute in strengthening our collection capabilities and promoting fiscal growth. Our efforts are directed toward driving sustainable development and advancing our nation’s economic resilience.”
Meanwhile, for October 2024 alone, BOC collected P89.502 billion, surpassing its target of P86.102 billion by 3.9%, or P3.400 billion.
This growth underscores the BOC’s dedication to ensuring accurate duty and tax collections through rigorous verification of imported goods’ values and classifications. It also reflects contributions from the value-added tax refund program and the strict fuel marking initiative.
Additionally, P3.35 billion was collected from tax credit certificates, significantly boosting overall revenue. Enhanced partnerships with other government agencies were key in streamlining procedures and supporting secure trade facilitation.