The Bureau of Customs (BOC), the government's second-largest tax agency, has collected a total of P80.82 billion in April, surpassing the target by almost four percent.
This makes the revenue collection for the first four months of the year at P299.6 billion, also exceeding the target collection of P288.5 billion by nearly four percent.
The surplus amounts to P11.148 billion and is also an increase of 6.5 percent or P18.292 billion compared to the same period last year.
Customs said that April’s collection performance could be attributed to the heightened rate of assessment, trade facilitation, and seizure of smuggled products.
"By diligently executing our duties, we aim to not only meet revenue targets but also to catalyze socio-economic development initiatives that positively impact the lives of our countrymen,” BOC Commissioner Bienvenido Y. Rubio said.
“We strive to create a brighter future for all Filipinos, ensuring that the benefits of our efforts are felt across communities,” he added.
For this year, the bureau is determined to collect at least P1 trillion in revenues which will be pushed by its digitalization efforts.
Finance Secretary Ralph G. Recto said that it plans to meet with the Customs and the Bureau of Internal Revenue to discuss the revenue targets for this year, but assured that it will not be increased.
This comes after the Development Budget Coordination Committee, the government sub-agency tasked to review growth, toned down gross domestic product projections to 6 percent to 7 percent from 6.5 percent to 7.5 percent.