BOC hits January 2023 collection target early

The Bureau of Customs (BOC) has surpassed its revenue collection target four days before the end of January this year.

In a statement, BOC Commissioner Yogi Filemon Ruiz said the target revenue collection for January is P58.822 billion but on Jan. 27. he said the revenue collection was already at P65.08 billion.

"The initial collection for the year was higher by 11.9 percent or P6.98 billion," said Ruiz.

Compared to January 2022 collection, Ruiz said it is also higher by 13.1 percent, or P7.627 billion, compared to its P58.174 billion collections during the same period.

Ruiz attributed the good revenue collections to the implementation of stringent measures to counter illicit trade and Customs fraud while improving trade facilitation and increasing lawful revenue collection.

Last year, the BOC also exceeded its revenue collection target for 2022 as early as first week of November-- the 2022 target was P721 billion but as early as November, it was already achieved and 2022 closed with the BOC hitting P862.929 billion revenue collection.