Manila — The Bureau of Customs (BOC) reported a significant revenue surplus for October, surpassing its target by more than PHP 1 billion.
According to Philippines News Agency, the agency collected PHP 78.616 billion in October, achieving a PHP 1.084 billion surplus over the goal of PHP 77.532 billion. Commissioner Bienvenido Rubio pointed to the bureau’s commitment to fulfilling its responsibilities, emphasizing its role in augmenting revenue collection and advancing trade facilitation, which are vital for the country’s economic progress.
The Commissioner attributed the success to the BOC’s steadfast campaign against smuggling and the adoption of measures to improve trade efficiency. He stated that these actions are part of a broader effort to secure financial resources crucial for funding government initiatives and infrastructure.
In addition, the BOC disclosed a cumulative revenue figure of PHP 739 billion for the period from January to October of the current year. This amount represents a 2.4 percent increase over the PHP 721.717 billion target set for the same 10-month timeframe. Moreover, this year’s collection is an improvement compared to the PHP 713.522 billion gathered in the corresponding period the previous year.
The BOC has also taken steps to enhance trade facilitation, as evidenced by a recent memorandum of agreement signed on October 18 with the Philippine Postal Corporation. This agreement is expected to speed up clearances, tighten security controls, and streamline customs procedures. On the digital front, the bureau is actively working on the development of new systems and the upgrading of facilities to expedite import and export transactions, further improving efficiency and reducing turnaround times.