Philippines’ Bureau of Customs Surpasses Midyear Revenue Target by Over PHP 13 Billion

Manila — The Bureau of Customs (BOC) has announced a significant surplus in its revenue collection for the first half of the year, surpassing its target by more than PHP 13 billion. This achievement marks a continuation of the agency’s strong performance in fiscal management and efficiency.

According to Philippines News Agency, the agency collected a total of PHP 456.053 billion from January to June 2024, which is 3.03 percent higher than the projected target of PHP 442.621 billion for the same period. This performance not only represents a surplus over the target but also shows a substantial year-on-year growth from the PHP 433.433 billion collected in midyear 2023, amounting to an increase of PHP 22.621 billion.

For June 2024 alone, the BOC collected PHP 75.159 billion, exceeding its monthly target by 0.92 percent or PHP 685 million. This marks the sixth consecutive month that the agency has outperformed its revenue goals.

Commissioner Bienvenido Rubio attributed the robust revenue figures to several factors, including the collective efforts of BOC personnel, improved valuation methods, the ongoing digitization and modernization of the agency’s systems, and rigorous monitoring and collection of deferred payments on government importations. “This achievement is a testament to the BOC’s commitment to efficient revenue collection and combating illicit trade activities. Our efforts not only strengthen fiscal stability but also support crucial national development initiatives, including infrastructure projects, education, healthcare, and national security enhancements,” Rubio stated.

Additional revenue contributions noted by Rubio include PHP 1.749 billion from audit findings and voluntary disclosures, PHP 88.118 million from public auction proceeds at various ports, and PHP 5.706 billion from the Tax Expenditure Fund, all of which have significantly helped the BOC exceed its midyear target.