BoC collects P784.54B for year until October
It incorporates contributions from the rigorous fuel marking project and the value-added tax rebate scheme
BOC infographics
Daily TribuneIt incorporates contributions from the rigorous fuel marking project and the value-added tax rebate scheme
BOC infographics
The Bureau of Customs (BoC) in the year until October recorded a preliminary actual collection performance of P784.54 billion.
Compared to the same period last year, this sum represents a strong 6 percent growth, yielding an extra P44.445 billion over the P740.095 billion collected in 2023.
The BoC claims that, based on the Collection Districts’ actual collection performance, the total collection from January to October 2024 surpassed the Development Budget Coordination Committee’s goal of P779.99 billion by 0.6 percent, resulting in a surplus of P4.55 billion.
Meanwhile, BoC’s collections for October alone, totaled P89.502 billion, exceeding its goal of P86.102 billion by 3.9 percent, or P3.4 billion.
Customs commitment
This growth demonstrates the BoC’s commitment to ensuring appropriate duty and tax collections by closely examining the values and classifications of imported items.
Additionally, it incorporates contributions from the rigorous fuel marking project and the value-added tax rebate scheme.
Overall revenue was greatly increased by the P3.35 billion that was also collected via tax credit certificates. Improved collaborations with other government organizations, process simplification and safe trade facilitation were all important.
Customs Commissioner Bienvenido Y. Rubio stated that they remain committed to enhancing their collecting capacity and encouraging economic expansion. Driving sustainable development and strengthening our country’s economic resilience are the goals of their duties.