BoC’s 2024 revenue revs up to P931 B
‘This revenue collection was achieved by the BoC despite the lower 2024 baseline due to the impact of tariff reduction in rice and selected electronic vehicles, and deferment of priority reforms such as excise tax on pick-ups under the Capital Market Promotion Efficiency Act.’
The Bureau of Customs continues to strengthen its role in promoting economic stability and supporting the Philippines’ growth, ensuring that customs operations remain efficient, transparent and responsive to national needs.
Photograph courtesy of Bureau of Customs
With the aim to ensure that the economy is sound and running.
The Bureau of Customs (BoC) on Saturday reported that it has collected over P930 billion in revenues in 2024. The figure is 5.41 percent more than the profits the agency posted in the previous year.
In a statement, the BoC said it had collected P931.046 billion in 2024, up by more than P47.833 billion versus its 2023 revenue collection of P883.213 billion.
“This revenue collection was achieved by the BoC despite the lower 2024 baseline due to the impact of tariff reduction in rice and selected electronic vehicles, and deferment of priority reforms such as excise tax on pick-ups under the Capital Market Promotion Efficiency Act,” the BoC reported.
Ports exceeded income targets
Also, the BoC, although it did not state figures, said several ports, including Legazpi, Tacloban, Ninoy Aquino International Airport, Clark and Cagayan de Oro, exceeded their revenue targets for the year.
Likewise generated was an additional P2.710 billion in revenue through post-clearance audits and voluntary disclosures applications.
Meanwhile, collection from the Tax Expenditure Fund from government imports reached PP13.238 billion.
Last year, the BoC introduced various policies and initiatives to streamline payment processes and improve stakeholder experience, including the Electronic Payment Portal System (ePay), implemented through Customs Memorandum Order No. 06-2024, which enables stakeholders to pay customs duties, taxes, and other fees online, minimizing physical transactions and enhancing efficiency.
Strategic partnerships
Strategic partnerships further strengthened the BOC’s payment systems following the formalization of a Memorandum of Agreement (MoA) with Land Bank of the Philippines to utilize the Link.BizPortal for digital payment processing.
A renewed MoA with Maya Philippines Inc. also integrated Maya’s payment platform into BoC operations, enabling seamless transactions through online channels, Point-of-Sale terminals, and Smart Padala centers.
“Through these efforts, the BoC continues to strengthen its role in promoting economic stability and supporting the Philippines’ growth, ensuring that customs operations remain efficient, transparent, and responsive to national needs,” the BoC said.
During the agency’s 123rd Anniversary celebration last week, President Ferdinand Marcos Jr. praised the BoC’s efforts to protect the country’s borders from economic exploitation.
Marcos Jr. said the BoC confiscated more than P85.167 billion worth of smuggled goods last year, nearly doubling the P43.295 billion it seized in 2023.