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BOC revenues hit record P884 B in 2023
The Philippine Star
|January 10, 2024
The Bureau of Customs (BOC) raked in a record P884 billion in revenues last year, slightly overshooting government targets amid a heightened drive against smuggling and better digitalization initiatives.
Preliminary data from the Department of Finance (DOF) showed that BOC's total collections reached P883.62 billion in 2023, a percentage higher than the P874.17 billion target set by the Cabinetlevel Development Budget Coordination Committee.
Last year's revenue performance was also higher by 2.5 percent than the 2022 collection of P862.42 billion.
The BOC has been attributing its performance to efficient tax collection even as imports coming in are slightly lower.
The agency said it also boosted its efforts to enhance trade facilitation and increase revenues as part of the overall economic recovery and growth.
This story is from the January 10, 2024 edition of The Philippine Star.
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