THE BUREAU of Customs (BoC) on Monday said it exceeded its July collection target by 39%, mainly due to increased imports and improved valuations.
In a statement, BoC said the July collection reached P84.43 billion, surpassing its monthly target of P60.78 billion. This was also a record monthly collection for the bureau.
“The collection includes additional revenues from the Tax Expenditure Fund (TEF) collection of P1.128 billion and Post Clearance Audit Group (PCAG) collection of P527.65 million in the same month,” Customs said.
In the first seven months of the year, the BoC collected P481.14 billion, surpassing its P388.6 billion target by 24%. This includes the TEF collection of P2.57 billion, and PCAG’s P1.37 billion.
The seven-month collection was also 34% higher than the P358.92 billion logged in January to July 2021.
BoC Commissioner Yogi Filemon L. Ruiz attributed the strong performance to improved valuation and digitalization of Customs systems.
He also noted import volumes have gone up as the economy gradually reopens. Import values have also improved due to the higher global prices of oil and other commodities.
Mr. Ruiz also noted the “intensified collection efforts of all districts which prevent revenue leakages” helped the BoC exceed its targets.
The BoC is tasked to collect P733 billion this year, 8% higher than the initial goal of P679.23 billion.