Customs surpasses collection goal in H1

MANILA, Philippines — The Bureau of Customs (BOC)achieved a record-high collection in June, bringing its first semester revenue to P397 billion.

Latest data showed that it raised P76.29 billion in revenue for June alone.

This is the BOC’s highest monthly collection to date and is 35.5 percent or P20 billion above the original target of P56.29 billion. This is also the sixth consecutive month that the agency exceeded its monthly targets.

This brings total customs collection to P396.8 billion as of the first half, 31.5 percent higher than the P301.75 billion in the same period in 2021.

The first semester revenue collection is also 21 percent or P70 billion higher than the bureau’s target of P327.81 billion for the six-month period.

In a statement, the BOC said the better performance for the month and for the semester is attributed to the improved valuation of the bureau, as well as its digitized and modernized systems.

The BOC also credited the collection increase to the continued economic reopening in the country that resulted in higher volume of imports.

After a short hiccup in January and February due to the surge in COVID cases, the government has placed the majority of provinces in the country under the most lenient quarantine classification.

This has prompted more economic and business activities including higher importation of commodities.

Based on BOC data, 14 out of the 17 collection districts managed to surpass their targets.

These are the Manila International Container Port and the ports of San Fernando, Manila, Batangas, Legazpi, Iloilo, Cebu, Surigao, Zamboanga, Davao, Subic, Clark, Aparri and Limay.

Those that did not exceed the targets include the Ninoy Aquino International Airport and the ports of Tacloban and Cagayan de Oro.

The collection for June also includes additional revenues from the Tax Expenditure Fund collection of P301 million and Post Clearance Audit Group collection of P116 million.

As the second largest revenue agency, the BOC is mandated to deliver financial resources to fund the government’s programs and projects.