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Manila Bulletin devider Business devider BOC exceeds collection target, raises P81 billion in May

BOC exceeds collection target, raises P81 billion in May

Published Jun 4, 2024 04:06 am

State coffers from the Bureau of Customs (BOC) continued to improve in May as it grew by 4.9 percent compared to last year.

The BOC reported that it collected over P81.75 billion in revenues last month, surpassing the target of P79.62 billion by 2.6 percent and the P77.92 billion collected in May 2023.

From January to May, the BOC's collection reached P381.34 billion, exceeding the target of P366.047 billion.

The revenue haul for the first five months exceeds the performance in the same period last year by 6.13 percent or P22.039 billion.

BOC attributed its robust revenue collection performance to continuous monitoring of the values and classifications of imported commodities to ensure accurate duty and tax collection.

Non-traditional sources, like audits and public auctions, also boosted revenue collection as intensified border control and improved trade facilitation further contributed to consistent revenue efficiency, the Customs added.

"Guided by President Ferdinand R. Marcos, Jr., the BOC remains steadfast in its commitment of enhancing revenue collection and contributing to the economic growth of the country. We are proud of this achievement and will continue to work tirelessly to maintain this positive momentum," BOC Commissioner Bienvenido Y. Rubio said.

The May figures also represent 10 percent of the Development Budget Coordination Committee (DBCC) target of P3.788 trillion for BOC and the Bureau of Internal Revenue this year.

The DBCC last May 23 revised down the projected tax collections for the two agencies from the previous P4.014 trillion goal.

Of the P3.7 trillion goal, the BOC is now expected to share P939.7 billion from the previous estimate of P959 billion while the BIR is set to collect P2.848 trillion from the earlier goal of P3.055 trillion.

Budget Secretary Amenah F. Pangandaman, who chairs the DBCC, said the lower-than-expected economic growth outlook prompted the downward adjustment.

The Bangko Sentral ng Pilipinas said that inflation in May is expected to settle within the 3.7 percent to 4.5 percent range due to rising electricity rates and vegetable prices.

April inflation swelled to 3.8 percent from 3.7 percent in the previous month.

Related Tags

revenue collection Bureau of Customs (BoC) Bienvenido Y. Rubio
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