BOC Logs P2.1-B Collection Surplus in May
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BOC Logs P2.1-B Collection Surplus in May. The Bureau of Customs (BOC) reported on Tuesday that it has exceeded its collection target for the fifth consecutive month this year, achieving a surplus of PHP2.13 billion in May.
Exceeding Revenue Targets
According to preliminary data, the BOC collected a total of PHP81.75 billion in May 2024, surpassing its revenue target of PHP79.62 billion by 2.68 percent. This figure also represents a 4.9 percent increase compared to the PHP77.93 billion collected in May 2023.
From January to May 2024, the BOC cumulative collection reached PHP381.35 billion, exceeding the target of PHP366.05 billion set for the first five months of the year. This cumulative collection translates to a 6.13 percent increase from the PHP359.16 billion collected during the same period last year.
Factors Contributing to the Surplus
Customs Commissioner Bienvenido Rubio attributed the sustained revenue collection performance to several factors:
Commitment to Economic Growth
Commissioner Rubio emphasized that these efforts align with the guidance of President Ferdinand R. Marcos Jr. He stated that the BOC remains committed to enhancing revenue collection and contributing to the country’s economic growth.
“Guided by President Ferdinand R. Marcos Jr., the BOC remains steadfast in its commitment of enhancing revenue collection and contributing to the economic growth of the country. We are proud of this achievement and will continue to work tirelessly to maintain this positive momentum,” Rubio said.
Conclusion
The BOC consistent performance in surpassing its revenue targets underscores the effectiveness of its strategies and the dedication of its personnel.
By leveraging continuous monitoring, non-traditional revenue sources, and intensified border control measures, the BOC is not only increasing tax collection but also strengthening its role in fostering economic stability and growth. T