BOC exceeds March target collection, logs P2.5-B surplus

By Ferdinand Patinio

April 3, 2024, 10:57 am

<p><em>(Infographics courtesy of BOC)</em></p>

(Infographics courtesy of BOC)

MANILA – The Bureau of Customs (BOC) has exceeded its revenue collection target for the third consecutive month this year.

In its preliminary data issued Wednesday, the BOC has collected PHP75.429 billion, surpassing its PHP72.910 billion collection target for March by 3.45 percent or a surplus of PHP2.519 billion

Customs Commissioner Bienvenido Rubio attributed the BOC’s strong fiscal performance to the higher rate of assessment or enhanced system for determining the customs value of imported goods.

He added that the boosted revenue collection was a result of the strict monitoring and collection of deferred payment of government importation.

“The revenue collected by our agency serves as a lifeline for our government coffers, funding crucial national projects such as infrastructure development, education, healthcare, and disaster preparedness,” he said in a statement.

He added that every peso collected by the bureau "is a testament to our commitment to serving the Filipino people and building a brighter future for our nation".

It also reported that from January to March 31, 2024, the BOC exceeded its cumulative revenue target by 4.03 percent, collecting PHP219.385 billion against its target of PHP210.896 billion.

The figures reflect a robust growth of 2.60 percent, or PHP5.557 billion, compared to the PHP213.829 billion collection for the same period in 2023.

Rubio noted that the intensified post-clearance audit also resulted in ensuring compliance with customs laws and the collection of rightful duties and taxes from importers.

Recently, the BOC signed a memorandum of agreement with Landbank of the Philippines which facilitates digital payment of miscellaneous fees and streamlines payment processes for stakeholders to further improve its collection.

The BOC also said its strengthened border protection efforts also significantly contributed to the collection performance after intercepting various smuggled goods through multiple seizure operations in March. (PNA)