Bureau of Customs beats Sept collection target
Customs collections reached P79.5 billion in September, with preliminary data showing that the Bureau of Customs exceeded its monthly target revenue.
The amount is 28-percent higher than the goal of P61.9 billion and also 38 percent up from the P57.6 billion collected in September 2021.
September collections brought the nine-month total to P638.7 billion, which was 18 percent more than the target for the or January-September period.
Also, this year-to-date amount represents a 369-percent surge from P469.8 billion in the comparative nine months of 2021.
The BOC said in a statement these achievements resulted from “the stringent implementation of border control measures” which enables the bureau to plug revenue leakages and strengthen facilitation and revenue collection performance.
According to the Department of Finance, the BOC is tasked to raise P721.5 billion in revenues this year.
That means customs collections as of the end of September, the BOC’s full-year goal is already 88.5-percent met.
Based on this, the agency is primed to exceed its 2022 collection target, with three months left to collect at least P82.6 billion.
Also, based on the medium-term revenue program that was approved by the inter-agency Development an Budget Coordination Committee, the BOC’s revenue collection should increase every year and exceed P800 billion by 2024, go past P900 billion by 2026 and breach the P1-trillion mark by 2028.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.