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Business

BOC on track to exceed P617 billion collection goal

Elijah Felice Rosales - The Philippine Star
BOC on track to exceed P617 billion collection goal
The BOC raised P584.16 billion in the 11 months to November, just P33 billion short of hitting the year-end target.
STAR / File

MANILA, Philippines — The Bureau of Customs (BOC) is on track to meet or even surpass its 2021 collection target of P617 billion as the agency’s revenue effort sustains its recovery with global trade on its way to normalcy.

The BOC raised P584.16 billion in the 11 months to November, just P33 billion short of hitting the year-end target.

Last year, it collected P47.32 billion from imports in December, when trade is expected to be at its highest due to the surge of purchases for the holidays.

For November alone, Customs raised P58.79 billion to exceed its monthly target of P51.85 billion by more than 13 percent. Of the 17 collection districts nationwide, 12 managed to beat their respective goals: the ports of San Fernando, MICP, NAIA, Batangas, Legazpi, Iloilo, Tacloban, Zamboanga, Davao, Subic, Clark and Limay.

Customs Commissioner Rey Leonardo Guerrero said imports are starting to recover from the pandemic’s impact on commerce and trade. As such, the value of shipments are also beginning to pick up, which benefits revenue efforts.

According to the Philippine Statistics Authority, imports grew over 30 percent to $84.87 billion from January to September from $65.15 billion a year ago due to double-digit increases in the country’s largest purchases.

Imports of electronic products, for one, rose over 21 percent to $23.22 billion, while mineral fuels, lubricants and related materials spiked more than 71 percent to $9.73 billion.

Guerrero also said the agency strengthened its collection measures as lockdown protocols are loosened and business activities are returning.

Most areas across the Philippines like Metro Manila operate under Alert Level 2 until Dec. 15 in spite of risks posed by the discovery of the Omicron variant. Under Alert Level 2, business establishments may increase their capacity up to 70 percent for as long as they comply with the health guidelines set by the government.

BUREAU OF CUSTOMS
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