BOC exceeds collection targets for six consecutive months
The Bureau of Customs (BOC), the government's second largest tax agency, has surpassed its revenue collection target for the first half of 2024, bringing in P456.053 billion from January to June.
In a statement on Monday, July 8, the Customs Commissioner Bienvenido Y. Rubio said the amount exceeded the first semester target of P442.621 billion by 3.03 percent, 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, thanks in part to 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.
"This achievement is a testament to the BOC's commitment to efficient revenue collection and combating illicit trade activities," Rubio said.
"Our efforts not only strengthen fiscal stability but also support crucial national development initiatives, including infrastructure projects, education, healthcare, and national security enhancements,” he added.
On Monday, Finance Secretary Ralph G. Recto said total revenues for the first six-month period reached P2.13 trillion, half of this year’s P4.27 trillion target.
Tax revenues improved by 8.8 percent, generating P1.81 trillion pesos as of end-June, with the Bureau of Internal Revenue (BIR) and the BOC boosting their collection efforts by 10.2 percent and 4.8 percent.
Recto said they are hoping for the BOC to breach the single digit for BOC in the next six months.
“There are shortfalls in both the BIR and BOC but we’re able to make it (total revenues) tough through non-tax revenues so far,” the finance chief stated.
“The BOC’s single digit, we hope they can improve their ability to collect more, we’re working on that. We expect to fully digitalize the BOC in two years time, but it takes time also to tax administration,” he also said.
For this year, the government aims to collect P3. 05 trillion from the BIR, and P1 trillion from the BOC.