BOC take in September hit record high of P 59.9B  | Inquirer Business
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IMPORTS RECOVERING

BOC take in September hit record high of P 59.9B 

/ 05:24 AM October 02, 2021

Despite a prolonged pandemic, imports recovery amid a further reopening of the economy allowed the Bureau of Customs (BOC) to collect a record P59.9 billion in duties and other taxes in September.

In a statement on Friday, the country’s second-biggest revenue agency said last month’s tax take was the biggest monthly collection in its history.

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The BOC’s revenues last month rose from P50.8 billion a year ago, as well as exceeded the P58.8 billion in September 2019.

The actual September collections also surpassed the month’s P56.9-billion target by 5.3 percent. The BOC overshot all of its monthly goals so far in 2021.

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Citing a report from its financial service, the BOC said eight of the country’s 17 ports —Clark, Davao, Iloilo, Legazpi, Limay, Manila, San Fernando and Zamboanga—achieved their respective September collection targets.

From January to September, the BOC collected P472.2 billion in import duties and other taxes, up from P398 billion last year and P470 billion during the first nine months of 2019.

The Development Budget Coordination Committee (DBCC) expects imports to grow by 12 percent this year “as restrictions subside amid widespread vaccinations and domestic demand bounces back from a steep contraction in 2020.” Imports fell 19.5 percent to $89.8 billion last year as international borders were closed at the height of COVID-19 lockdowns, hampering global trade.

In a Sept. 30 report, the DBCC noted that the BOC’s collections at the start of the year benefitted from the gradual recovery of the global economy plus the agency’s intensified post-clearance audits.

—Ben O. de Vera
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TAGS: Bureau of Customs (BOC), economy
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