The Bureau of Customs (BoC) has raised its revenue target by P7 billion after a recent session with the Development Budget Coordination Committee (DBCC). This adjustment reflects the agency's optimistic outlook based on improved collection efficiency.
BoC Commissioner Ariel F. Nepomuceno shared this news at a forum organized by the European Chamber of Commerce of the Philippines. He noted that the DBCC is adjusting macroeconomic assumptions, although the new figures have yet to be disclosed.
Significant Surplus Amid Reforms
We were able to establish a record-breaking surplus of P11.3 billion.
Ariel F. Nepomuceno, BoC Commissioner
For the first five months of the year, the BoC is exceeding its target by approximately P11.3 billion, with total collections reaching P328.81 billion in the first four months, surpassing the P314.66-billion goal.
- New target now totals P1.003 trillion.
- BoC’s reforms include strict assessments and counter-checking of declarations.
Nepomuceno emphasized that the agency's successful performance stems from reforms aimed at increasing transparency. He stated, "When you reform the bureau, we collect more."
As part of its modernization efforts, the BoC plans to launch the first phase of its Customs Processing System next year. This initiative is expected to further enhance operational efficiency.