BOC exceeds revenue target anew in April

MANILA, Philippines — The Bureau of Customs (BOC) continued its streak of exceeding its target collection with its latest haul of nearly P70 billion revenues in April.

Data showed collections reached P68.274 billion in April, slightly above its monthly target of P68.199 billion. This is also four percent above its April 2022 collection of P65.669 billion.

The BOC also posted its highest daily collection so far last April 28 with P7.51 billion in revenues.

For the four-month period, revenues reached P281.902 billion, 11 percent higher than the P254.226 billion generated during the same period in 2022.

This is also six percent above its January to April 2023 target of P265.22 billion.

Customs Commissioner Bienvenido Rubio attributed the agency’s collection performance to its higher rate of assessment, which is mainly due to improved valuation of non-oil importation.

BOC managed to maintain the momentum it started last year when it exceeded all its monthly collection targets amid higher imports in line with economic reopening.

The revenue for the four-month period is now 31.3 percent of the P901.34 billion target for the year set by the Cabinet-level Development Budget Coordination Committee.

Rubio emphasized that BOC’s improved revenue collection is a positive development in order to fund various developmental projects of the government.

“We will continue to uphold our commitment as we strive to meet our revenue targets and contribute to the growth and development of our country,” Rubio said.

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