The Bureau of Customs (BOC) said Friday it surpassed its revenue collection goal for the first eight months of 2024.
Preliminary data showed the BOC generated P614.781 billion from January to August, exceeding the target of P609.592 billion by 0.9 percent.
This represented a 5.7-percent increase from P581.491 billion collected in the same period last year.
The 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.
The BOC collected P78.908 billion in August, or 2.52 percent short of the P80.945-billion target. It said the shortfall was largely due to recent policy changes.
Executive Order (EO) 62, which reduced the rice tariff from 35 percent to 15 percent, accounted for a P2.353-billion revenue loss. It said the reduction of the motor vehicle tariff to 0 percent resulted in a P1.034-billion deficit.
These policy adjustments were essential for broader economic and consumer benefits, reflecting a strategic shift towards more affordable essential goods. Darwin G. Amojelar
The BOC said despite these temporary setbacks, it remained 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 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.
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