MANILA – The Bureau of Customs (BOC) on Monday said it has collected PHP784.54 billion in revenues from January to October 2024.
In a statement, the BOC said the income is 6 percent or PHP44.45 billion higher compared to the PHP740.095 billion collected in the same period last year.
The cumulative collection also exceeded the Development Budget Coordination Committee’s PHP779.99 billion target, achieving a surplus of PHP4.550 billion.
For October alone, the BOC collected PHP89.5 billion, surpassing its target of PHP86.1 billion by 3.9 percent or PHP3.4 billion.
It said PHP3.35 billion was collected from tax credit certificates, significantly boosting overall revenue.
BOC Commissioner Bienvenido Rubio attributed the growth to their dedication to ensuring accurate duty and tax collections through rigorous verification of imported goods’ values and classifications.
He said it also reflects contributions from the value-added tax refund program and the strict fuel marking initiative.
“We are resolute with our commitment in strengthening our collection capabilities and promoting fiscal growth. Our efforts are directed toward driving sustainable development and advancing our nation’s economic resilience,” Rubio said.
He added enhanced partnerships with other government agencies also played a key role in achieving goals, as well as streamlining procedures and supporting secure trade facilitation. (PNA)