THE Bureau of Customs (BoC) said on Monday that it surpassed its 10-month collection target with a preliminary estimate of P784.54 billion in the January to October period.
This exceeded the P779.99-billion target set for it by the Development Budget Coordination Committee. The full-year target is P939.69 billion.
“This amount marks a robust 6% increase compared to the same period last year, resulting in an additional P44.445 billion over the P740.095 billion collected in 2023,” the BoC said in a statement.
In October, the BoC collected P89.50 billion, also exceeding its P86.10 billion target for the month.
Commissioner Bienvenido Y. Rubio said the bureau is “resolute” in strengthening its collection capabilities and supporting the expansion of fiscal space.
The BoC said the collection numbers reflect contributions from the value-added tax refund program and the fuel marking initiative, adding that P3.35 billion was collected from tax credit certificates. — Aubrey Rose A. Inosante