Bureau of Customs posts ₧63.015-B revenue collection in February–Rubio


The Customs bureau on Friday said that its revenue collections in February rose by 6.03 percent to P63.015 billion from P59.433 billion posted in the same month of last year.

The bureau was also able to surpass its P61.827-billion collection target for the month of February, based on its preliminary report.

With the latest performance, the Bureau of Customs (BOC) has earned a total of P133.38 billion in the first two months of the year, P8.641 billion higher than its target collection of P124.7388 billion for the January-to-February period.

“We will continue to innovate and implement sustainable reforms to boost the Bureau’s collection efficiency, which will contribute to the expansion and recovery of our national economy,” Customs Commissioner Bienvenido Y. Rubio said in a news statement.

“For this to be possible, we will also prioritize fostering a healthier trade environment through enhanced and modernized mechanisms for efficient trade facilitation and improved Customs operations for all our stakeholders,” he added.

Rubio said the bureau is committed to “boosting revenue collection, enhancing trade facilitation, and strengthening border protection while upholding good governance and curbing corruption.”

Last year, the BOC’s total revenue collections rose by 34 percent on an annual basis to a record high of P862.929 billion on the back of higher imports and better system of collection. (Related story: https://businessmirror.com.ph/2023/01/13/customs-collection-for-2022up-34-to-record-high-%E2%82%A7863b)

The BOC collected P643.562 billion in 2021. The BOC added that it surpassed its revenue collection target last year of P721.52 billion by 19.6 percent based on its preliminary report.

The BOC’s revenue collection this year is pegged at P901.3 billion.

 Earlier, Finance Secretary Benjamin E. Diokno expressed confidence that Rubio will be able to deliver the necessary improvements to the bureau and hike its revenue collections. (Related story: https://businessmirror.com.ph/2023/02/14/diokno-asks-rubio-to-prioritize-digitalization-of-boc-to-improve-revenue-collection/)

Image credits: Klodien | Dreamstime.com