Filtered By: Money

BOC exceeds mid-year collection target

The Bureau of Customs (BOC) has surpassed its first half collection target by double-digits.

In a statement on Friday, the BOC said its January to June collection stood at P396.804 billion, 21.05% or P68.992 billion higher than its goal of P327.812 billion.

The Customs’ first half collection is also 31.5% or P95.058 billion above the P301.746 billion collected in the same period in 2021.

The BOC attributed its collection performance to “the improved valuation of the bureau, its digitized and modernized systems, the improving economy resulting in a higher volume of imports, and the intensified collection efforts of all the Collection Districts.”

For the month of June alone, the bureau collected P76.290 billion, a new record-high monthly collection, breaking its previous high of P70.778 billion collected in March.

Last month’s collection also exceeded its target of P56.287 billion.

“The revenue collection for June also includes additional revenues from the Tax Expenditure Fund (TEF) collection of P301 million and Post Clearance Audit Group (PCAG) collection of P115.97 million,” the BOC said.

“These collection efforts also mark the sixth consecutive month of BOC in exceeding its monthly target and achieving positive collection this year,” it said.

Citing a preliminary report, the BOC said 14 of the 17 collection districts were able to surpass their corresponding collection targets, namely, San Fernando, POM, MICP, Batangas, Legaspi, Iloilo, Cebu, Surigao, Zamboanga, Davao, Subic, Clark, Aparri, and Limay. —VBL, GMA News