MANILA – The Bureau of Customs (BOC) on Monday announced it has collected P784.54 billion in revenues from January to October 2024. This represents a 6 percent increase from last year and resulted in a surplus of P4.55 billion.
BOC Commissioner Bienvenido Rubio attributed the growth to the agency’s dedication to ensuring accurate duty and tax collections through rigorous verification of imported goods’ values and classifications. He also noted that the increase reflects contributions from the value-added tax refund program and the strict fuel marking initiative.
This year’s collection, as of October, exceeded the Development Budget Coordination Committee’s target of P779.99 billion, resulting in more than P4 billion surplus.
For October alone, the BOC collected P89.5 billion, surpassing its target of P86.1 billion by 3.9 percent, or P3.4 billion.
The BOC also collected P3.35 billion from tax credit certificates, significantly boosting overall revenue.
“We remain resolute in our commitment to strengthening our collection capabilities and promoting fiscal growth. Our efforts are directed toward driving sustainable development and advancing our nation’s economic resilience,” Rubio said.
He added that enhanced partnerships with other government agencies played a key role in achieving these goals, as well as streamlining procedures and supporting secure trade facilitation. (PNA)
