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The Bureau of Customs exceeded its revenue collection target in February 2024 by 6.6%
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For the first two months of the year, collection also grew by P10.444 billion or 7.82% year-on-year
The Bureau of Customs (BOC) exceeded by 6.6% its revenue collection target in February 2024, generating P70.601 billion against the P66.207-billion goal.
For the first two months of the year, collection also grew by P10.444 billion or 7.82% compared to the same period last year, the agency said in a statement.
BOC said several factors contributed to the surge in collection, including higher assessment rate due to the improved system of determining the customs value of imported goods.
This year, the BOC is tasked to collect P959 billion in revenues, 9.7% higher than its 2023 target of P874.166 billion.
READ: BOC targets 9.7% higher revenue collection for 2024
The 2024 target is also 8.5% more than last year’s P883.624 billion actual collection.
During the BOC’s 122nd anniversary, Finance Secretary Ralph Recto reiterated the bureau’s mission to meet revenue targets while emphasizing its impact on the Filipino people. He stated, “the BOC’s target to raise one trillion pesos 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.”
Customs commissioner Bienvenido Rubio affirmed the BOC’s important role in revenue generation and stated, “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.”
