The Bureau of Customs (BoC) revenues continued to rise and beat its targets on the back of a weaker local currency and high world oil prices, according to preliminary data.
In a statement on Thursday, Aug. 2, the BoC said it collected P52.05 billion in July, 49% greater than the P34.99 billion posted in July 2017.
It was higher than its P50.07-billion target that month by 3.9%, the sixth consecutive month to beat the goal, according to the BoC.
It was also 4% greater than the P50.05 billion the bureau raised in June.
“The bureau’s improved revenue performance is driven by strong enforcement and revenue enhancement measures and higher exchange rate and increased oil price in the market,” the BoC said in a statement.
“We are expecting consistent revenue growth and I remain confident that we will hit and
even exceed our year-end target,” Customs Commissioner Isidro S. Lapeña was quoted in a statement as saying. — Elijah Joseph C. Tubayan