BOC surpasses May collection goal | Inquirer Business

BOC surpasses May collection goal

By: - Reporter / @bendeveraINQ
/ 05:29 AM June 07, 2018

The Bureau of Customs (BOC) exceeded its target for the fourth straight month in May, collecting P52.6 billion in customs duties and other taxes.

Citing preliminary data from its financial service, the BOC said on Wednesday that last month’s collections breached by 4 percent its P50.6-billion target as well as jumped 32 percent from P39.8 billion a year ago.

Customs Commissioner Isidro S. Lapeña attributed the higher tax take to a 3.3-percent increase in import volume in May.


“The value of imports also grew by 17.8 percent. I will say this is because of the continuing application of correct valuation and tariff classification of goods,” Lapeña said in a statement.


The BOC’s financial service added that an “increase in foreign exchange and oil price, and growth in the importation of motor vehicles, crude oil, foodstuff, iron and steel and petroleum products contributed to the May collection.”

Of the 17 ports, 16 surpassed their respective goals for the month.

Only the Manila International Container Port missed its May target of P15.6 billion, as its actual take reached P14.2 billion.

To recall, Lapeña had fired the heads of ports that missed their monthly targets since February.

From January to May, the BOC’s collections amounted to P230.2 billion, up 32 percent from P174.9 billion during the same five-month period last year.

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TAGS: Bureau of Customs, Business, News

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