BOC Confident in Achieving P1-Trillion Revenue Goal for 2024

QUEZON CITY – The Bureau of Customs (BOC) is on course to meet its ambitious revenue target for the year 2024 after it surpassed its collection goal for January, indicating a strong start to the fiscal year.

According to Philippines News Agency, speaking at a news forum on Saturday, the bureau collected PHP106 billion in January alone, surpassing its target for the month. “For this year, since we just started for January, we collected PHP106 billion. That is still ahead of the target so we’re on the right track,” Fermin stated, highlighting the bureau’s efficient revenue collection strategies in light of the higher targets set by the Development Budget Coordination Committee (DBCC). The DBCC, an inter-agency body under the National Economic and Development Authority, is responsible for setting the government’s macroeconomic assumptions and fiscal targets.

With a goal to amass PHP1 trillion in revenues for 2024, the BOC’s optimism is fueled by its performance in the previous year, where it collected PHP883.62 billion, exceeding its annual target of PHP874 billion. This achievement underscores the bureau’s capacity to meet and surpass fiscal expectations.

Beyond revenue collection, the BOC has made significant strides in border control and protection, recording 980 successful seizure operations— the highest in its history, with a total monetary value of PHP43.3 billion. The seized items primarily included counterfeit goods such as bags and shoes, along with PHP7 billion worth of illegal drugs.

In 2023, the BOC was proactive in legal enforcement, filing 90 criminal cases before the Department of Justice, 60 of which were related to agricultural smuggling. This year, the office has already filed 13 cases, continuing its strict enforcement against smuggling and illegal trade activities.

Fermin also noted the bureau’s commitment to trade facilitation, aligning with President Ferdinand R. Marcos Jr.’s directive for digitalization. The BOC has automated and streamlined at least 97 percent of its core processes, including the implementation of overstaying tracking systems to alleviate congestion in ports.

This proactive approach towards revenue collection, border protection, and trade facilitation underscores the BOC’s strategic efforts to achieve its financial goals and enhance operational efficiency in 2024.