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Customs beats collection goal in August
THE BUREAU of Customs (BoC) on Wednesday said it surpassed its collection target anew in August after generating P54.05 billion in duties and taxes on better valuation and higher volume of imports.
In a statement, BoC said it exceeded the P53.06-billion goal set for the month by 1.86%.
The BoC’s August collection fell by 7% month on month, but still 21.8% bigger than the P44.38-billion haul in August 2020.
The agency has been constantly beating its monthly collection targets since January.
In the first eight months of the year, Customs revenues grew by 19% to P412.96 billion from P347.29 billion a year ago.
The eight-month tally made up 67% of its P616.75-billion target for the entire year.
“The BoC’s positive revenue collection performance is attributed to the improved valuation and volume of importations, and the intensified collective efforts of all the ports to prevent revenue leakages and collect all lawful revenues,” Customs said in a statement.
The BoC has a P671.7-billion collection target for 2022, 9% higher than this year’s goal. — BML