THE Bureau of Customs (BOC) may well be on its way to registering its first trillion pesos tax collection after it again surpassed its assigned first semester target by more than P13 billion.
Assistant Commissioner and spokesperson, Atty. Vincet ‘Jett’ Maronilla, quoting from the preliminary report from the Financial Service, said the bureau collected P456.053 billion for the first 6-months of the year, which is 3 percent higher than its assigned target of P442.621 billion or a positive deviation of P13.433 billion.
Maronilla added that for year-on-year comparison, or from January to June 2023, the cash collection increased by 5.22 percent or a positive deviation of P22.621 billion.
Last month, Maronilla noted that the BOC collected P75.159 billion, surpassing the monthly target by nearly 1 percent or by P685 million, thus allowing the BOC to maintain a positive collection streak since the start of the year.
The official attributed the positive revenue report to their “strict monitoring and collection of deferred payments of government importations.”
Notable additional revenue collected include, P1.749 billion from audit findings and voluntary disclosures, which is under the responsibility of Maronilla as head of the Post Clearance Audit Group (PCAG);
P88.118 million from public auction proceeds at various ports, and a significant contribution of P5.706 billion from the Tax Expenditure Fund (TEF), all of which helped the bureau to meet its target.
Commissioner Bienvenido Y. Rubio, in a brief statement, also attributed the unprecedented revenue performance for the first half of 2024 to the collective efforts of the men and women of the Bureau, enhanced valuation methods, and the ongoing digitization and modernization of BOC systems.
“This achievement is a testament to the BOC’s commitment to efficient revenue collection and combating illicit trade activities,” the customs chief said.
“Our efforts not only strengthen fiscal stability but also support crucial national development initiatives, including infrastructure projects, education, healthcare, and national security enhancements,” he added.
Should the BOC, under Rubio, succeeds in garnering a tax collection of P1 trillion, which is what he is aiming for, he would be sealing his legacy as the first customs commissioner to achieve the feat.