The Bureau of Customs reported on Saturday that it has surpassed its collection target last month.
It had a collection target of P40.739 billion and surpassed this by 4.5 percent, collecting P42.591 billion in revenues.
The BoC is improving its valuation of major commodities amid the COVID-19 pandemic.
The BoC is seeking to establish an organized and uniformed reference system in determining the correct value of goods and continues to monitor and improve its revenue collection performance with the goal of generating P520.367 billion by the end of the year.
It recently issued Customs Memorandum Order (CMO) No. 16-2020 that implements the Enhanced Value Reference Information System (e-VRIS) to serve as a risk management tool to ascertain the veracity of any statement, document, or declaration presented for Customs valuation purposes.
The e-VRIS which shall operate in the electronic to mobile (E2M) system will replace the existing National Value Verification System (NVVS) established in 2019 to protect government revenues against trade misinvoicing and misclassification.
The Imports and Assessment Service said that apart from reforms and advancements in Customs processes and valuations, revenue collection increases as global prices of oil continue to increase.