The Bureau of Customs (BOC) has surpassed its revenue collection goal for March 2024 by 3.45 percent.
Based on its preliminary data, the BOC said it was able to generate P75.43 billion last month, surpassing the target of P72.91 billion by P2.52 billion.
From January to March this year, the BOC exceeded its cumulative revenue target by 4.03 percent, collecting P219.39 billion versus its target of P210.9 billion, it said in a statement.
This reflects a year-on-year growth of 2.6 percent or P5.56 billion compared to the P213.83 billion collection for the same period in 2023.
The BOC attributed its positive collection performance to its higher rate of assessment or enhanced system for determining the customs value of imported goods.
Additionally, the BOC said it boosted its revenue collection through its strict monitoring and collection of deferred payment of government importation.
Intensified post-clearance audit also resulted in ensuring compliance to customs laws and collection of rightful duties and taxes from importers.
Recently, BOC signed a memorandum of agreement with Land Bank of the Philippines, which facilitates digital payment of miscellaneous fees and streamlines payment processes for stakeholders to further improve its collection.
Moreover, the BOC said its strengthened border protection efforts significantly contributed to its enhanced collection performance.
By intercepting various smuggled goods through multiple seizure operations in March, the agency effectively prevented revenue loss due to illicit activities.
Customs Commissioner Bienvenido Rubio expressed gratitude for the collective efforts of the bureau’s personnel and reiterated the agency’s dedication to strengthening revenue performance.
“The revenue collected by our agency serves as a lifeline for our government coffers, funding crucial national projects such as infrastructure development, education, healthcare and disaster preparedness,” the customs chief said.
