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BOC end-Sept. collection up 12%, but target missed

By: - Reporter / @bendeveraINQ
/ 05:14 AM October 02, 2017

The import duties and other taxes collected by the Bureau of Customs (BOC) from January to September jumped by over a tenth compared to last year, albeit below target.

The latest BOC data showed that collections totaled P321.6 billion as of end-September, up 12 percent from P287.9 billion a year ago. The year-to-date collections growth outpaced the 7-percent increase posted in the first nine months of last year.

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Still, the actual nine-month take of the country’s second biggest revenue agency was below the P336.6-billion target.

Data showed that the BOC managed to exceed monthly targets only in January, March and May.

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In September alone, the actual collections of P36.4 billion fell below the P39.7-billion goal.

The September take, however, grew 9 percent from P33.3 billion in the same month last year. This was faster than the 2-percent growth achieved in that same period.

September marked the first month in office of Customs Commissioner Isidro S. Lapeña, who replaced former chief Nicanor E. Faeldon following his resignation amid corruption allegations.

Last month, only four of 17 BOC districts in major ports—Batangas, Cagayan de Oro, Davao, Tacloban—surpassed their respective targets.

The BOC had been tasked to collect P122.8 billion in the fourth quarter to achieve its full-year target of P459.6 billion, equivalent to 3 percent of gross domestic product.

To modernize the graft-laden BOC, the World Bank is firming up a $200-million loan for the proposed Philippines Customs and Trade Facilitation Project.

The project’s development objective was to “improve the efficiency, effectiveness and transparency of the BOC,” according to the World Bank.

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TAGS: Bureau of Customs (BOC), Business
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