BOC exceeds revenue goal for 7th-straight month in August

Bureau of Customs. INQUIRER FILE PHOTO

The Bureau of Customs extended its above-target collections of import duties and other taxes to seven straight months in August, raking in P51.7 billion.

Citing preliminary data from its financial service, the BOC said the actual revenue take last month exceeded by 4.7 percent the P49.3-billion target.

In a statement, Customs Commissioner Isidro S. Lapeña said that collections in August jumped 35.1 percent from P38.3 billion during the same month last year.

As of end-August, total collections reached P384.3 billion, climbing 35 percent from P283.6 billion a year ago.

Of the country’s 17 ports, only two failed to hit their respective targets, namely the Manila International Container Port (actual collection of P14.8 billion against P15.2-billion target) as well as the Port of Subic (actual take of P1.5 billion vs. P1.8-billion goal).

The BOC noted that “the one-strike policy of the Commissioner motivated the ports to consistently hit their targets.”

Since February, Lapeña has been firing the heads of ports that did not achieve targets.

Also, the BOCs financial service attributed the “consistent high revenue performance to the higher exchange rate, increased oil price in the market, proper valuation and strong enforcement and revenue enhancing measures.”

The peso remained at a 12-year low against the US dollar.

A weaker peso raises the value of imported goods and, in turn, the amount of import levies slapped against them.

The latest government data showed that merchandise imports climbed 13.2 percent year-on-year to $51.8 billion at the end of the first half.

The BOC has been tasked to collect a total of P581.3 billion by yearend. /cbb