BOC overshoots collection target by 11.2% in June

The Bureau of Customs (BOC) surpassed its collection goal in June despite the effects of the COVID-19 pandemic on the overall trading environment.

In a statement on Thursday, the BOC reported that it collected P52.447 billion last month, exceeding its target of P47.175 billion by P5.272 billion or 11.2%.

“This collection includes additional revenues from the Tax Expenditure Fund (TEF) collection of P157.06 million and Post Clearance Audit Group (PCAG) collection of P148.73 million in June,” the Customs said.

The bureau noted that June’s collection efforts also marked the sixth consecutive month of the BOC in achieving positive collections.

Year-to-date, the BOC has collected P302.744 billion since January, surpassing its midyear collection goal of P291.833 billion by 3.7% or P10.911 billion.

Likewise, the Customs’ midyear collection in 2021 is also higher by 19.60% or P49.653 billion than the P253.091-billion collection in the same period in 2020.

The BOC attributed its collection performance to the “improved valuation of the bureau, its digitized and modernized systems, the gradually improving economy resulting in higher volume of importations, and the intensified collection efforts of all districts.” — Ted Cordero/BM, GMA News