BOC overshoots January-August collection target

The Bureau of Customs (BOC) said Friday it has surpassed its revenue collection target for the first eight months of 2024.

In a statement, the BOC reported it collected P614.781 billion during the January to August period, exceeding its collection goal of P609.592 billion by 0.9% or P5.189 billion.

Compared to the same period last year, the Customs’ collection grew by 5.7% or P33.29 billion from P581.491 billion collected in January to August 2023.

“The significant revenue growth underscores the BOC's effective strategies in valuing goods and ensuring precise import duty assessments,” the bureau said.

“Through stringent customs compliance, the BOC has effectively minimized under-declaration and misclassification, enhancing efficiency, transparency, and overall fiscal management,” it added.

In August alone, the BOC said it collected P78.908 billion, lower than the target of P80.945 billion “largely due to recent policy changes.”

The Customs cited Executive Order (EO) 62, which reduced the imported rice tariff from 35% to 15%, accounting for a P2.353 billion revenue loss. 

Additionally, it said that the reduction of the motor vehicle tariff to 0% resulted in a P1.034 billion deficit. 

“These policy adjustments were essential for broader economic and consumer benefits, reflecting a strategic shift towards more affordable essential goods,” the BOC said.

“Despite these temporary setbacks, the BOC remains resolute in its mission to achieve its 2024 revenue goals,” it said.

The Customs said it is actively addressing these challenges and working diligently to bridge the revenue gap, thereby supporting the country’s fiscal health and stability.—AOL, GMA Integrated News