BOC exceeds collection target in October

MANILA, Philippines — The Bureau of Customs (BOC) continued its streak of exceeding its collection target, hitting nearly P76 billion in October on higher imports in line with the reopening of the economy.

Latest BOC data showed that collections reached P75.5 billion in October, 34.8 percent higher than the P56 billion in the same period in 2021.

The October collection is likewise 18.6 percent better than its target of P63.7 billion for the month.

This is the 10th consecutive month that the BOC has exceeded its monthly targets.

Year-to-date, collections reached P714.3 billion, growing by 37 percent from the P525.4 billion from January to October 2021.

Similarly, the 10-month revenue is nearly 20 percent higher than the P602.8 billion originally expected from the agency.

For the full year, the agency has already attained 97 percent of its P733-billion collection target for 2022.

Customs Commissioner Yogi Filemon Ruiz earlier expressed confidence that the agency’s streak of overshooting its revenue goal would continue for the remainder of the year.

Ruiz said the BOC would likely collect over P900 billion this year, exceeding its target and effectively closing in to the P1-trillion mark.

For 2022, Ruiz said collections may exceed by around 30 to 32 percent, which could hit P953 billion to as much as P968 billion.

The BOC attributed its performance to intensified collection that prevented revenue leakages, together with streamlined, digitized and modernized systems as well as the improving economy, which resulted in higher volume of imports.

Ruiz said collection districts should take advantage of the BOC’s modernization programs and enhanced reform initiatives.

As the second largest revenue agency, the BOC is mandated to deliver financial resources to fund the government’s programs and projects.