Customs exceeds October collection goal

Customs collections reached P75.5 billion in October, with preliminary data showing that the Bureau of Customs again exceeded its monthly target revenue.

The amount is 19 percent higher than the goal of P63.7 billion and also 35 percent higher than the P56 billion collected in October 2021.

October collections brought the bureau’s 10-month total to P714.3 billion, which was 18.5 percent more than the target of P602.8 billion for January to October.

Also, the year-to-date amount showed a 37-percent increase from the P525.4-billion actual turnout in the comparative 10 months of 2021.

The BOC said in a statement these achievements were attained while implementing measures against revenue leakages, corruption, and smuggling as well as taking steps to ease process bottlenecks.

The BOC is tasked to raise P721.5 million in revenue this year. As of end-October, the full-year goal is already 99-percent met.

Thus, the agency is expected to exceed its 2022 collection target, with two months left to collect at least P7.2 billion.

Based on the medium-term revenue program of the Marcos administration, 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.