The Bureau of Customs (BOC) has exceeded its revenue target for January to August 2024, recording a total of PhP614.781 billion during this period, surpassing the target of PhP609.592 billion by 0.9%, or PhP5.189 billion. This achievement reflects a significant 5.7% increase, or PhP33.290 billion, compared to the PhP581.491 billion collected during the same period in 2023.

The significant revenue growth underscores the BOC’s effective strategies in valuing goods and ensuring precise import duty assessments. Through stringent customs compliance, the BOC has effectively minimized under-declaration and misclassification, enhancing efficiency, transparency, and overall fiscal management.

In August 2024, the BOC collected PhP78.908 billion. Although this fell 2.52% short of the PhP80.945 billion target, this shortfall was largely due to recent policy changes. Executive Order (EO) 62, which reduced the rice tariff from 35% to 15%, accounted for a PhP2.353 billion revenue loss. Additionally, the reduction of the motor vehicle tariff to 0% resulted in a PhP1.034 billion deficit.

These policy adjustments were essential for broader economic and consumer benefits, reflecting a strategic shift towards more affordable essential goods. Despite these temporary setbacks, the BOC remains resolute in its mission to achieve its 2024 revenue goals. The BOC is actively addressing these challenges and working diligently to bridge the revenue gap, thereby supporting the country’s fiscal health and stability.

Under the leadership of Commissioner Bienvenido Y. Rubio, the BOC is poised to sustain its positive revenue trajectory. These accomplishments not only support the nation’s economic growth but also enhance the operational effectiveness of government functions.

Source: www.customs.gov.ph