The Bureau of Customs (BOC) has exceeded its revenue collection target for January to August 2024. Preliminary reports indicate that the BOC collected a total of P614.781 billion during this period, surpassing the target of P609.592 billion by 0.9%, or P5.189 billion.
This achievement reflects a significant 5.7% increase, or P33.290 billion, compared to the P581.491 billion collected during the same period in 2023. The significant revenue growth underscores the BOC's effective strategies in valuing goods and ensuring precise import duty assessments.
The BOC has effectively minimized under-declaration and misclassification through stringent customs compliance, enhancing efficiency, transparency, and overall fiscal management.
In August 2024, the BOC collected P78.908 billion. Although this fell 2.52% short of the P80.945 billion target, this shortfall was mainly due to recent policy changes. Executive Order (EO) 62, which reduced the rice tariff from 35% to 15%, accounted for a P2.353 billion revenue loss. Reducing the motor vehicle tariff to 0% also resulted in a P1.034 billion deficit.
Despite these temporary setbacks, the BOC remains unwavering in its mission to achieve its 2024 revenue goals. The BOC is actively addressing these challenges and working diligently to bridge the revenue gap, thereby supporting the country's fiscal health and stability.
Under the leadership of Commissioner Bienvenido Y. Rubio, the BOC is poised to sustain its positive revenue trajectory. These accomplishments support the nation's economic growth and enhance the operational effectiveness of government functions.
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