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Business

Customs exceeds 9-month collection target at P639 billion

Louise Maureen Simeon - The Philippine Star
Customs exceeds 9-month collection target at P639 billion
Latest BOC data showed total collection reached P638.7 billion from January to September, 36 percent higher than the P470 billion collection in the same period last year.
STAR / File

MANILA, Philippines — The Bureau of Customs (BOC) continued to surpass its collection target, hitting almost P640 billion in the nine-month period amid the government’s move to reopen the economy.

Latest BOC data showed total collection reached P638.7 billion from January to September, 36 percent higher than the P470 billion collection in the same period last year.

The nine-month revenue is also 17.8 percent higher than its target for the period.

In September alone, Customs raised P79.5 billion in revenue, 28.4 percent or P17.6 billion above its original target of P61.9 billion for the month.

This is also the ninth consecutive month the Customs exceeded its monthly targets.

For the full year, Customs has already hit 87 percent of its P733-billion target.

BOC attributed its performance to intensified collection that prevented revenue leakages, streamlined, digitized, and modernized systems and the improving economy resulting in higher volume of imports.

Customs said it is confident it can sustain its good collection performance record through the implementation of its enhanced reform programs.

“With the stringent implementation of border control measures, we will continuously drive the BOC to plug revenue leakages and strengthen the nation’s trade facilitation and revenue collection performance,” Customs Commissioner Yogi Filemon Ruiz said.

He urged all collection districts to take advantage of the BOC’s modernization programs and enhanced reform initiatives.

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

BOC

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