The Bureau of Customs (BOC) said that it posted 35.1% higher revenue collection to P51.74 billion in August against P38.29 billion last year, beating its collection target for the month.
In a statement on Tuesday, Sept. 4, BOC said that last months’ collection is 4.7% higher than its target of P49.31 billion. However, this is lower compared to July’s collection of P52.14 billion.
This brings the total collection in the first eight months to P384.3 billion, 4% higher from a yearly comparison.
BOC’s Financial Service pointed to the “higher exchange rate, increased oil price in the market, proper valuation and strong enforcement and revenue enhancing measures” as the reasons behind the agency’s performance.
Customs Commissioner Isidro S. Lapeña also said that the agency’s “one-strike policy” motivated the ports to reach its targets.
Preliminary data from the Financial Service showed that the Port of Batangas posted the highest collection of P12.716 billion, followed by the Port of Manila and Port of Limay at P7.81 billion and P3.44 billion, respectively. — Anna Gabriela A. Mogato