The Bureau of Customs (BOC) has surpassed its revenue goal for the month of May by 2.68 percent.
In a statement yesterday, the BOC said it was able to rake in P81.753 billion for the month, exceeding its collection target of P79.621 billion by P2.132 billion, citing preliminary reports.
The amount generated in May 2024 is also higher than the P77.926 billion collected in the same period a year ago, reflecting a growth of 4.911 percent.
From January to May 2024, the BOC’s cumulative collection reached P381.347 billion, exceeding the target of P366.047 billion set for the first five months of the year. This year’s overall collection also saw a 6.13 percent increase compared to the same period in 2023.
The BOC attributes its sustained revenue collection performance to the continuous monitoring of the values and classifications of imported commodities to ensure accurate duty and tax collection.
Non-traditional sources, like audits and public auctions, also boosted revenue collection, while intensified border control and improved trade facilitation further contributed to consistent revenue efficiency.
The BOC said these efforts not only increase tax collection but also deter smuggling and illegal activities, leading to higher revenue collection.
“The BOC remains steadfast in its commitment of enhancing revenue collection and contributing to the economic growth of the country. We are proud of this achievement and will continue to work tirelessly to maintain this positive momentum,” said Bienvenido Rubio, customs commissioner.
