BOC on track to hit Feb. collection target despite Chinese New Year
At A Glance
- The Bureau of Customs (BOC) said it is confident in achieving the full-year collection target despite the inventory period in China which will affect two weeks of its collection.<br>The BOC said it's lowering the target collection for February to less than P70 billion but will aim to collect P3.5 billion each day.<br>Meanwhile, Customs noted that its partnership with Japan's aid agency for its modernization projects is still at the table.
The Bureau of Customs (BOC) is confident it will meet its collection target this month, even with the two-week impact of the Chinese New Year inventory period in China.
BOC Spokesperson and Assistant Commissioner Vincent Maronilla told reporters that they are hoping to have a surplus, even with the expected drop in the volume of imported goods in February.
“We're expecting that [drop] this February, because of the inventory season, usually during the Chinese New Year, there's an inventory period.. it's going to affect about two weeks of our collection,” Maronilla said on the sidelines of the BOC’s anniversary.
“So in the drop of the volume, we're hoping to still have a surplus. But we're pretty confident that we'll be able to meet the February target, even despite the... drop in volume. Huwag lang talagang significant, no? [Not just significant, though]” he added.
The BOC lowered its target collection for February to less than P70 billion but it is aiming to collect P3.5 billion each day.
In January, Customs collected over P73.329 billion in revenue, exceeding P1.550 billion from the target collection of P71.779 billion.
For this whole year, the BOC is tasked to collect nearly P1 trillion while the Bureau of Internal Revenue eyeing P3.05 trillion to hit the government total revenue target of P4.3 trillion.
Japan partnership
The Customs said that its partnership with the Japan International Cooperation Agency (JICA), the country’s aid agency, for the bureau’s modernization projects is still at the table.
The bureau was in talks with JICA to fund its laboratory which would be crucial in the declaration of goods and its proper classification, which in turn will enhance the collection performance of the BOC.
He also that there would be counterpart funding on the BOC’s end but said there are no concrete plans yet on the project.