BOC exceeds March collection target, raises P75 billion
The Bureau of Customs collected over P75.4 billion in March, surpassing its target anew on the back improvements in import valuations.
In a statement, Customs Commissioner Bienvenido Y. Rubio said that last month’s collection exceeded the P72 billion target by 3.45 percent.
The robust performance in March tallies the Customs’ total for the first three months of the year to P219 billion, a 2.6 percent increase compared to the same period of 2022. It also exceeded the target of P210 billion by four percent.
“The BOC’s strong fiscal performance is attributed to its higher rate of assessment or enhanced system for determining the customs value of imported goods,” the agency said.
“Additionally, the BOC boosted its revenue collection through its strict monitoring and collection of deferred payment of Government Importation,” it added.
It also attributed the intensified post-clearance audit which ensured compliance to customs laws and collection of rightful duties and taxes from importers.
The BOC earlier signed a memorandum of agreement with Landbank of the Philippines to facilitate digital payment of miscellaneous fees and streamline the payment processes for stakeholders to further improve its collection.
The strengthening of border protection also contributed to the enhanced collection performance through multiple seizure operations last month, the BOC said, effectively preventing revenue loss due to illicit activities.
"The revenue collected by our agency serves as a lifeline for our government coffers, funding crucial national projects such as infrastructure development, education, healthcare, and disaster preparedness,” Rubio said.
“Every peso collected is a testament to our commitment to serving the Filipino people and building a brighter future for our nation,” he added.
Finance Secretary Ralph G. Recto said that the bureau plays an important role in driving the country’s socioeconomic agenda and achieving its P1 trillion share to the government’s target of P4.3 trillion revenues this year.
“As the second biggest revenue agency, almost 24 centavos of every revenue peso that will be raised this year will be collected by the BOC. And for every budget peso that the government will spend this year, 20 centavos will be generated by the BOC,” he said during the BOC’s 122nd Founding Anniversary.