BOC overperforms anew, collections hit P71 B in Feb

The Bureau of Customs (BOC) sustained its momentum in February after collecting P71 billion in revenues on the back of enhanced valuation and improved trade facilitation.

Data showed that customs collections reached P70.601 billion in February, up by 12 percent from the P62.895 billion it generated in the same period last year.

This was also 6.6 percent higher than the P66.207 billion target collection for the month.

For the two-month period, BOC raked in P143.931 billion, 7.8 percent above the P133.486 billion generated in the comparative period and 14.3 percent of the P1-trillion full year target set by the Cabinet-level Development Budget Coordination Committee.

Customs Commissioner Bienvenido Rubio said the improved collection for the month is attributed to the agency’s higher assessment rate due to an improved system of determining the customs value of imported goods.

“Through enhanced strategies and technological advancements, the BOC has optimized its procedures and trade facilitation efforts,” Rubio said. He added that the BOC also strengthened its border protection and anti-smuggling campaign.

Finance Secretary Ralph Recto earlier said BOC’s revenue collections would fund a number of government programs and contribute to the needed resources to finance the country’s socioeconomic development.

BOC has been 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.