BOC surpasses April 2024 collection target by P3B

The Bureau of Customs (BOC) on Monday said it surpassed its target revenue collection by over P3 billion in April, which it attributed to its “heightened” rate of assessment during the period.

In a statement, the BOC said preliminary reports indicate that it collected P80.822 billion in the past month, P3.192 billion higher than its target collection of P77.630 billion.

This brought the year-to-date collection to P299.674 billion, up by 6.50% versus the previous year and 3.86% higher than its target collection of P288.526 billion.

“The BOC attributes its exceptional collection performance to several factors, notably its heightened rate of assessment. The revenue collected by the agency plays a crucial role in fueling social and economic development initiatives across the country,” the BOC said.

The BOC — mandated to supervise and control the clearance of vessels and aircraft engaged in foreign commerce — is tasked to collect nearly P1 trillion this year after generating P883.624 billion in revenues in 2023. —Jon Viktor D. Cabuenas/KBK, GMA Integrated News