The Bureau of Customs (BOC) reported better than expected collection in August this year having surpassed the target set by the Development Budget Coordination Committee (DBCC).
Preliminary data show the BOC collecting P75.642 billion during the month, exceeding the target of only P72.275 billion by 4.7 percent, equivalent to P3.367 billion.
But its success extends beyond August. From January to August this year the bureau generated P582.133 billion in revenue, surpassing the target of P567.740 billion by 2.54 percent, equivalent to P14.393 billion.
Compared to the previous year’s collection of P558.455 billion, this year’s haul grew by 4.24 percent, amounting to P23.678 billion.
This over performance, analysts said, may be attributed to efficient customs operations, enhanced trade activities, and robust revenue collection measures implemented under Commissioner Bienvenido Y. Rubio’s leadership.
Rubio expressed his gratitude and commended the dedicated men and women of the bureau for their exceptional performance instrumental in achieving this revenue milestone.
The BOC’s above-target performance demonstrates the agency’s commitment to fiscal responsibility and its role in contributing to the country’s economic growth and stability. Its collection helps fund essential government projects and services in the coming months, benefiting the Filipino people.
“We will continue to monitor trade activities and implement measures to sustain this positive momentum in revenue collection, as part of the bureau’s collaborative effort in further strengthening the nation’s financial standing,” Rubio said.
Aside from consistent above-target collection performance, the BOC under commissioner Rubio successfully conducted 687 anti-smuggling operations resulting in the seizure of P31.118 billion worth of various smuggled goods, the highest in the last five years.
In another milestone, the BOC also secured the second spot among Southeast Asian nations in the 2023 United Nations Global Survey of customs collectors with an impressive total trade facilitation score of 87.10 percent.
These milestones underscore the bureau’s vital role in bolstering the nation’s financial stability and promoting efficient trade practices.
