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  • Writer's pictureBy The Financial District

BOC Aims To Collect Over 1 Trillion Pesos In 2024

The Bureau of Customs (BOC) is determined to collect over 1 trillion pesos in 2024, according to Commissioner Bienvenido Rubio.


Rubio attributed the increase in revenue collection to the BOC's automation and digitalization initiatives aimed at enhancing efficiency and transparency. I Photo: Bureau of Customs Facebook



This target is outlined in the proposed Budget of Expenditures and Sources of Financing (BESF) for the coming year.


Rubio expressed confidence in achieving this goal, relying on anticipated improvements in economic conditions to boost trade. Government economic officials have been optimistic about their projections for the upcoming year, providing additional support to the BOC's target.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

In November, the BOC exceeded its collection target. Preliminary data from the BOC Financial Service showed that the collection for November amounted to PHP75.34 billion, surpassing the revenue collection target of PHP74.25 billion.


The year-to-date collection of PHP813.65 billion also exceeded the PHP795.66 billion target by 2.2 percent.


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Rubio attributed the increase in revenue collection to the BOC's automation and digitalization initiatives aimed at enhancing efficiency and transparency. The bureau has reportedly digitized 160 out of 166 customs processes.


He emphasized that the improved revenue collection performance was also a result of heightened border control and security measures to combat illicit trade and customs fraud.


Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

Rubio's commitment to these initiatives reflects the BOC's efforts to streamline procedures, reduce processing time in import and export transactions, and contribute to overall economic growth.




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