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Wednesday, July 24, 2024

Customs exceeds November revenue target by 1.5 percent at P74.2 billion

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The Bureau of Customs (BOC) has  surpassed its collection target of P74.249 billion for the month of November, mustering P75.338 billion which exceeded the goal by 1.5 percent.

In a statement, Customs Commissioner Bienvenido   Rubio said from January to November 2023, the bureau also overshot its revenue goal of P795.966 billion by 2.2 percent equivalent to P17.685 billion.

The overall revenue for this year also displayed a potential upswing, indicating a 3.09 percent increase, equivalent to P24.405 billion, as opposed to the previous year’s collection of P789.246 billion.

Rubio said the agency is on track to meet its collection target this year and may even hit a surplus.

“I think we’re on track. We see every month we are recording surpluses, except for that one month that we were short, but we were able to recover,” he added.

“Our stringent revenue collection initiatives resulted in a significant increase in the Bureau’s collection. We are fully committed to enhancing trade efficiency to collect more funds for the various public service programs of our President,” he said.

The BOC has intensified its digitalization initiatives through innovative systems that streamline procedures and reduce processing times in import and export transactions.

Additionally, the bureau heightened border control and security measures to combat illicit trade and Customs fraud, contributing to improved revenue collection performance.

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