(Infographics courtesy of BOC)
MANILA – The Bureau of Customs (BOC) on Friday reported that it has exceeded its revenue collection target for January to August 2024 by PHP5.189 billion.
Preliminary reports showed the bureau collected PHP614.781 billion during this period, surpassing its PHP609.592 billion collection target by 0.9 percent.
This also reflects a 5.7 percent increase, or PHP33.290 billion, compared to the PHP581.491 billion collected during the same period in 2023.
Commissioner Bienvenido Rubio attributed the revenue growth to effective strategies in valuing goods and ensuring precise import duty assessments.
Stringent customs compliance effectively minimized under-declaration and misclassification, enhancing efficiency, transparency, and overall fiscal management, he said.
Meanwhile, the August 2024 collection fell short of 2.52 percent after collecting only PHP78.908 billion as against its target for the month of PHP80.945 billion.
The shortfall was largely due to recent policy changes which include the issuance of Executive Order (EO) 62, which reduced the rice tariff from 35 percent to 15 percent, accounting for a PHP2.353 billion revenue loss.
The reduction of the motor vehicle tariff to zero percent also resulted in a PHP1.034 billion deficit.
Rubio said these policy adjustments were essential for broader economic and consumer benefits, reflecting a strategic shift toward more affordable essential goods.
Despite these temporary setbacks, the BOC said it remains resolute in its mission to achieve its 2024 revenue goals. (PNA)
