(Infographics courtesy of BOC)
MANILA – The Bureau of Customs (BOC) on Tuesday reported that it has surpassed its collection target for the fifth consecutive month this year, logging a surplus of PHP2.13 billion.
Based on its preliminary data, the bureau collected a total of PHP81.75 billion, exceeding its May 2024 revenue target of PHP79.62 billion by 2.68 percent.
Last month's collection was higher by 4.9 percent than the PHP77.93 billion collection in May last year.
From January to May this year, the BOC's cumulative collection reached PHP381.35 billion, exceeding the target of PHP366.05 billion set for the first five months of the year.
The overall collection for the first five months of 2024 translates to a 6.13 percent increase from the PHP359.16 billion total collection in the same period last year.
In a statement, Customs Commissioner Bienvenido Rubio attributed the sustained revenue collection performance to the continuous monitoring of the values and classifications of imported commodities to ensure accurate duty and tax collection.
He said non-traditional sources, such as audits and public auctions, also boosted revenue collection, while intensified border control and improved trade facilitation contributed to consistent revenue efficiency.
Rubio said these efforts not only increase tax collection but also deter smuggling and illegal activities, leading to higher revenue collection.
"Guided by President Ferdinand R. Marcos Jr., the BOC remains steadfast in its commitment of enhancing revenue collection and contributing to the economic growth of the country. We are proud of this achievement and will continue to work tirelessly to maintain this positive momentum," he added. (PNA)
