Customs collections exceed targets in January

MANILA, Philippines — The Bureau of Customs (BOC) is off to a good start this year after it raked in P66 billion in revenue last month, continuing its streak of exceeding targets since 2022.

Preliminary data showed that BOC collections reached P65.8 billion as of Jan. 27, already 13.1 percent higher than the January 2022 collection of P58.17 billion.

Likewise, this surpassed its collection target for the month at P58.82 billion.

The BOC also continued the 2022 momentum when it exceeded all its monthly collection targets as the reopening of the economy led to higher imports.

Customs Commissioner Yogi Filemon Ruiz said the BOC is implementing stringent measures to counter illicit trade and fraud.

The agency is also improving trade facilitation and increasing lawful revenue collection.

For 2023, the BOC is tasked by the Cabinet-level Development Budget Coordination Committee to generate revenue of P901.34 billion, up 4.45 percent from last year’s P862.9 billion.

Internally, the BOC has set a higher target of P921 billion even amid expectations of an economic slowdown due to a looming global recession.

President Marcos earlier ordered the BOC to streamline its processes to ease bottlenecks and promote local and international investments and efficient trade facilitation while preventing revenue leakages through heightened border security measures.

As the country’s second largest revenue agency, the BOC is mandated to deliver financial resources to fund the government’s programs and projects.