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Philippines: Customs collections exceed target by 9.5%
MANILA, Philippines — The Bureau of Customs (BOC) raked in a record P790.3 billion in revenues as of end-November, effectively overshooting its own target and that of the goal set by the government for the whole year.
Latest data showed BOC’s total collections reached P790.3 billion from January to November or 9.5 percent higher than the P721.52 billion set by the Cabinet-level Development Budget Coordination Committee.
This is also 7.8 percent higher than the agency’s own P733-billion revenue goal for the year.
Customs Commissioner Yogi Filemon Ruiz said the latest collection figure is a record-high for the agency as all 17 collection districts reached their respective targets.
In November alone, BOC collected P76.77 billion, up 26.7 percent from the P60.6-billion target for the month.
For the 11th straight month, the agency has surpassed its monthly collection targets on the back of higher imports in line with economic reopening.
Earlier, Ruiz said BOC would likely rake in over P900 billion in collections this year, exceeding its target and effectively closing in on the P1-trillion mark.
Finance chief Benjamin Diokno has already expressed optimism BOC’s revenue surplus may cover the shortfall of other national revenue-generating agencies.
Diokno noted the government would be able to reach its collection goal with BOC’s substantial contribution.
The BOC attributed its strong performance to its stringent implementation of priority programs to curb smuggling and corruption.
President Marcos earlier ordered the BOC to streamline its processes to ease bottlenecks and promote local and international investments and efficient trade facilitation while preventing revenue leakages through heightened border security measures.
As the country’s second largest revenue agency, the BOC is mandated to deliver financial resources to fund the government’s programs and projects.
Source: https://www.philstar.com/business/2022/12/06/2228761/customs-collections-exceed-target-95