The Bureau of Customs (BOC) said Tuesday it collected P70.601-billion revenues in February 2024, up from P63 billion in the same period last year.
“Preliminary reports showed that the bureau exceeded February 2024 revenue goal by generating a surplus of 6.64 percent, or P4.393 billion over the target of P66.207 billion,” the agency said in a statement.
Data showed, however, that the February figure went down from P73.3 billion the agency collected in January. BOC is in charge of collecting import tariff.
“From year-to-date, the BOC’s collection grew by an impressive P10.444 billion, or 7.82 percent compared to 2023 collection in the same period. This notable increase highlights the BOC’s commitment for excellence and dedication in enhancing its collection performance,” the BOC said.
It said several factors contributed to the surge in BOC collection, including the agency’s higher assessment rate due to improved system of determining the customs value of imported goods.
“Through enhanced strategies and technological advancements, the BOC has optimized its procedures and trade facilitation efforts,” it said.
The BOC said it also bolstered its border protection and anti-smuggling campaign. The agency participated last month in the World Customs Organization Regional Intelligence Liaison Office for Asia and the Pacific, reflecting the bureau’s drive to further strengthen its anti-smuggling capabilities.
Department of Finance Secretary Ralph Recto, during the BOC’s 122nd anniversary, reiterated the bureau’s mission to meet revenue targets while emphasizing its impact on the Filipino people.
“The BOC’s target to raise P1 trillion this year is not a mere ledger entry to be submitted to the government. Rather, it will fund a spreadsheet of programs, including the solutions to the problems that you yourselves encounter every day,” Recto said.
BIR Commissioner Bienvenido Rubio affirmed the agency’s role in revenue generation. “We remain committed to our mission of excellence, fiscal responsibility and service to the Filipino people. As we continue to innovate and adapt to evolving challenges, the BOC is poised to achieve even greater milestones in the future,” he said.
The 2024 target represents a double-digit growth from the P883.2 billion (net of tax refund) the BOC collected in 2023, which grew 2.41 percent or P20.8 billion over P862.4 billion in 2022. The 2023 collection was also 1.04 percent or P9.0 billion above the target.
It attributed the 2023 performance to enhanced revenue collection efforts, intensified anti-smuggling measures and digitalization projects for trade facilitation.
The BOC is the second largest revenue-collecting agency after the Bureau of Internal Revenue. The government last year ran a P1.512-trillion budget deficit, wider by 6.32 percent or P102.0 billion than the 2022 figure.
