Recto underscores BOCs’ critical role in funding PBBM’s socioeconomic agenda, driving PH’s progress
Finance Secretary Ralph G. Recto has underscored the critical role of the Bureau of Customs (BOC) in funding President Ferdinand R. Marcos, Jr.’s socioeconomic agenda and driving the overall progress of the country.
“The BOC is more than the landing point of trade in our country. It is also the starting point of our nation’s progress. For it is in the BOC that emanates the revenues that fund our nation’s dreams and secure its future,” he said during his speech at the BOC’s 122nd Founding Anniversary on February 13, 2024 held at the Rizal Park Hotel.
This year, the government aims to collect PHP 4.3 trillion in revenues, PHP 1 trillion of which will come from the BOC.
“As the second biggest revenue agency, almost 24 centavos of every revenue peso that will be raised this year will be collected by the BOC. And for every budget peso that the government will spend this year, 20 centavos will be generated by the BOC,” Secretary Recto explained.
To better illustrate the significance of the BOC’s collections, Secretary Recto cited examples in relation to expenditures.
For instance, for every 1,000 policemen who will be hired, the BOC will contribute 20 percent of their salaries.
For every 1,000 kilometers of road to be built, the Bureau will fund the first 200 kilometers.
For every 1,000 classrooms to be constructed, the BOC will shoulder the cost of 200 units.
For every 1,000 cancer patients to be treated, the BOC will cover the chemotherapies of 200 of them.
“The bottom line is this: If all government activities under the sun carry a price tag, then 20 percent of each one of them will be paid by you,” he further emphasized.
The Finance Chief reiterated that if the BOC falls short of its revenue targets, it will not just affect the country’s financial standing. Instead, it will impact the future of our children, as any deficit will be covered by debt, much of which they will inherit.
“So the BOC’s target to raise one trillion pesos this year is not a mere ledger entry to be submitted to the government. Rather, it will fund a spreadsheet of programs, including the solutions to the problems that you yourselves encounter every day,” he said.
On top of this, Secretary Recto