THE Bureau of Customs (BOC) has exceeded its revenue collection target for January to August 2024 by P5.189 billion.
Data revealed by the bureau showed that it collected a total of P614.781 billion during the eight-month period, surpassing the target of P609.592 billion by 0.9 percent equivalent to P5.189 billion.
“This achievement reflects a significant 5.7 percent-increase, or P33.290 billion, compared to the P581.491 billion collected during the same period in 2023,” the BOC said in a statement.
The agency cited its significant revenue growth through the BOC’s effective strategies in valuing goods and ensuring precise import duty assessments, adding that stringent customs compliance has effectively minimized under-declaration and misclassification, enhancing efficiency, transparency, and overall fiscal management.
In August 2024, the BOC collected P78.908 billion. Although this fell short by 2.52 percent of the P80.945 billion target, the deficit was largely due to recent policy changes.
Executive Order 62, which reduced the rice tariff from 35 percent to 15 percent, accounted for a P2.353 billion revenue loss. Additionally, the reduction of the motor vehicle tariff to zero percent resulted in a P1.034 billion deficit.
