BOC surpasses collection target anew

MANILA, Philippines — The Bureau of Customs (BOC) sustained its winning streak, surpassing its collection target with revenue of P82 billion in May amid improved monitoring of imported commodities.

The latest collection figure was three percent above the monthly target of P79.62 billion.

It was also five-percent higher than the May 2023 collection of P77.926 billion.

For the five-month period, Customs revenues have reached P381.35 billion, six percent higher than the P359.31 billion generated in the same period in 2023.

Likewise, it was four percent above the January to May   target of P366.05 billion.

The revenue as of end-May is now 38 percent of the P1 trillion target for the year set by the Cabinet-level Development Budget Coordination Committee.

Customs Commissioner Bienvenido Rubio attributed the agency’s collection performance to the continuous monitoring of the values and classifications of imported commodities to ensure accurate duty and tax collection.

Similarly, non-traditional sources such as audits and public auctions coupled with intensified border control and improved trade facilitation also helped ramp up revenue collection. 

“BOC revenues play a crucial role in developing vital infrastructure projects, improving educational facilities, enhancing healthcare services and strengthening national security measures for the Philippines,” Rubio said. 

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