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Finance chief calls for continuous cash flow at Customs

For government funding

Published Feb 14, 2024 12:08 am

Finance Secretary Ralph G. Recto calls on the Bureau of Customs (BOC) to keep the cash flowing, stressing the crucial link between efficient tax collections and funding at least a fifth of the government's spending.

Addressing BOC employees during the agency’s anniversary celebration on Tuesday, Feb. 13, Recto warned, "When you drop your ball, thousands will be denied of their meals," highlighting the bureau's expected collection of nearly 24 centavos of every revenue peso raised this year.

During his speech, Recto underscored the far-reaching impact of the BOC by providing specific examples. 

He explained that for every 1,000 policemen hired, the BOC will contribute 20 percent of their salaries. 

Additionally, Recto noted that the bureau will fund the first 200 kilometers for every 1,000 kilometers of road to be constructed. 

Furthermore, he said that for every 1,000 classrooms to be built, the BOC will bear the cost of 200 units. 

Recto also pointed out that for every 1,000 cancer patients to receive treatment, the BOC will cover the chemotherapy expenses of 200 individuals. 

“The bottom line is this: If all government activities under the sun carry a price tag, then 20 percent of each one of them will be paid by you,” the finance chief said.

“If we fail, then it is not our fiscal position that will take a hit, but our children’s future. As any deficit will be covered by debt, many of which they will inherit,” he added.

The BOC is tasked to collect close to P1 trillion in 2024.

Related Tags

Department of Finance (DOF) ralph recto Bureau of Customs (BoC) Finance Secretary
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