BOC surpasses collection target for November by 1.5%

The Bureau of Customs (BOC) surpassed its collection goal for November, owing to efficiency in assessing the value of imported products coming into the country.

At a press chat in Pasay City on Wednesday, Customs Commissioner Bienvenido Rubio shared the bureau’s preliminary collection data for last month.

“For November, supposedly our target is P74.249 billion but then we got P75.338 billion. It’s 1.5% or about P1.09 billion surplus for the November target,” Rubio said.

The BOC’s November collection brought the agency’s year-to-date revenues to P813.61 billion.

The Customs’ January to November revenue also exceeded its target of P795.966 by 2.2% during the period.

Year-on-year, the BOC’s 11-month 2023 revenue performance saw a 3.09% increase or about P24 billion higher than the same period last year.

Rubio attributed the agency’s revenue performance to “more efficiency in tax collection,” particularly the BOC’s stringent assessment and inspection to determine the accurate valuation of imported products entering the Philippines.

For the entire year, the BOC is targeting to collect P974.2 billion.

Rubio expressed confidence that the Customs will hit its revenue target and even hinted that “there will be a surplus.”

This, as the BOC already collected P826 billion as of December 5, 2023.

The BOC earlier said it is ramping up its digitalization efforts by developing new systems and modern facilities to further streamline procedures and reduce processing times in import and export transactions. —VAL, GMA Integrated News