BOC rakes in P73-B in revenues in January

The Bureau of Customs (BOC) is off to a good start this year after it collected P73 billion in revenues in January on enhanced valuation and improved trade facilitation.

Data showed that Customs collections inched up by four percent to P73.33 billion in January from P70.59 billion generated in the same month last year.

This is also two percent higher than the P71.78 billion BOC target collection for the month.

Customs Commissioner Bienvenido Rubio said the agency has committed to enhance collection of revenues in order to contribute to the needed resources to finance the country’s socio economic development programs for the year.

“This is done through our improved system of determining the Customs value of imported goods, strengthened border protection, and concrete trade facilitation efforts,” Rubio said.

For this year, the bureau is tasked by the Cabinet-level Development Budget Coordination Committee to generate at least P1 trillion, 13 percent higher than the record P884 billion it collected last year.

“We are geared up for intensified efforts this year and are committed to working twice as hard to ensure that we not only meet but exceed our year-end revenue target,” Rubio added.

BOC earlier said it is moving toward efficient tax collection by ramping up its digitalization efforts through the development of new systems and modern facilities to streamline procedures and reduce processing times in import and export transactions.

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