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Manila Bulletin devider Business devider BOC smashes February collection target, raising P70 billion

BOC smashes February collection target, raising P70 billion

Published Mar 5, 2024 07:37 am

The Bureau of Customs (BOC) has exceeded anew its collection target for February, driven by enhanced import valuations, digitalization efforts, as well as advancements in procedures and trade facilitation.

In a statement on Tuesday, March 5, Customs Commissioner Bienvenido Y. Rubio reported that the bureau's collection for last month amounted to P70.6 billion, exceeding the monthly target of P66.21 billion by 6.6 percent.

The stronger-than-expected collection in February boosted the BOC's total for the first two months to P143.93 billion, a four percent increase compared to the previous year. This is also surpassed the targeted P137.98 billion for the period.

“Several factors contributed to the surge in BOC collection, including the agency's higher assessment rate due to improved system of determining the customs value of imported goods,” the bureau said.

“Through enhanced strategies and technological advancements, the BOC has optimized its procedures and trade facilitation efforts,” it added.

Additionally, the BOC said it has bolstered its border protection and anti-smuggling campaign. 

Earlier in February, the agency participated in the World Customs Organization Regional Intelligence Liaison Office for Asia and the Pacific, reflecting the bureau's drive to further strengthen its anti-smuggling capabilities.

During the BOC's 122nd anniversary, Finance Secretary Ralph G. Recto reiterated the bureau's mission to meet revenue targets while emphasizing its impact on the Filipino people. 

“The BOC’s target to raise one trillion pesos this year is not a mere ledger entry to be submitted to the government. Rather, it will fund a spreadsheet of programs, including the solutions to the problems that you yourselves encounter every day,” Recto said.

Meanwhile, Rubio affirmed the BOC's important role in revenue generation and stated, "we remain committed to our mission of excellence, fiscal responsibility, and service to the Filipino people.”

“As we continue to innovate and adapt to evolving challenges, the BOC is poised to achieve even greater milestones in the future,” Rubio said.

Related Tags

Customs Commissioner Bureau of Customs (BoC) Bienvenido Y. Rubio
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