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Manila Bulletin devider Business devider BOC beats collection goal by P126 billion during Marcos administration

BOC beats collection goal by P126 billion during Marcos administration

Published Jul 24, 2024 08:37 am

The Bureau of Customs (BOC) exceeded its cumulative revenue target since the start of the Marcos administration's term, generating an additional P126.26 billion.

The government's second-largest revenue-generating agency collected P1.73 trillion over the past two years, higher than the P1.601 trillion target set for the period by 8.07 percent.

In a statement, the BOC said it continues to strive for a robust collection performance to support the government’s funding of national projects, strengthen border protection, and simplify trade processes.

During the recent State of the Nation Address (SONA), President Ferdinand R. Marcos, Jr. acknowledged the BOC's monumental feats in delivering its duties to optimize collection efficiency, advance trade facilitation, and intensify border control.

“The Philippine financial system remains robust and resilient. Tax and non-tax revenue collection has also become more efficient, in pace with our rejuvenated economy," Marcos said.

The BOC was also able to seize P2.7 billion worth of smuggled agri-fisheries products, reiterating its commitment to safeguard the nation’s borders through modernized customs procedures and stringent enforcement efforts.

Additionally, the President expressed gratitude for the implementation of the e-Travel system, noting that the system has significantly simplified air transport by easing the travel process for passengers.

To date, the BOC has successfully fully implemented the e-Travel System at international airports.

The BOC also exceeded its first-semester target of P442.621 billion by 3.03 percent this year, or P13.433 billion.

Compared to the same period last year, the midyear collection increased by 5.22 percent, totaling P22.621 billion, the bureau said.

In June alone, the BOC collected P75.159 billion, surpassing the monthly target by 0.92 percent or P685 million.

Rubio said the bureau has exceeded revenue goals for six consecutive months on the back of monitoring and collecting deferred payments for government importations.

Additional revenue came from P1.749 billion in audit findings and voluntary disclosures, P88.118 million from public auction proceeds, and P5.706 billion from the tax expenditure fund.

Related Tags

Bureau of Customs (BoC) ILLEGAL TRADE
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