The Bureau of Customs (BOC) reported on Tuesday that it has surpassed its revenue collection target in April on the back of improved valuation of imports entering the country.
In a statement, the BOC said it collected P68.274 billion last month, exceeding its target of P68.199 billion by 0.11%.
Compared to April 2022, Customs’ revenue performance saw a 3.97% increase from P65.669 billion.
For the first four months of 2023, the agency collected P281.902 billion, overshooting its target collection of P265.220 billion by 6.29% or P16.682 billion for the period.
The January to April collection was also 10.89% higher than the P254.226 billion collected in the same period last year.
Customs Commissioner Bienvenido Rubio attributed BOC's collection performance to a "higher rate of assessment, which is mainly due to improved valuation of non-oil importation."
The BOC said the consistent increase in its revenue collection is a positive development for the Philippine government as it strives to generate revenue to fund its various programs and projects.
The agency added that it recorded its highest daily collection for the year on April 30, amounting to over P7.51 billion.
"We will continue to uphold our commitment to transparency, accountability, and service excellence as we strive to meet our revenue targets and contribute to the growth and development of our country," said Rubio. —VAL, GMA Integrated News