Customs beats October revenue target | Inquirer Business

Customs beats October revenue target



MANILA  -The Bureau of Customs (BOC) managed to exceed its revenue target in October despite lackluster imports, with the agency attributing its performance to its efforts to curb smuggling and improve trade efficiency.

Customs, which typically accounts for a fifth of state revenues, collected P78.62 billion in October, up 4.7 percent year-on-year.


That beat the bureau’s target of P77.53 billion for the month by 1.4 percent, figures showed.


At the same time, the October haul brought the 10-month collection to P739 billion, 2.4 percent above the agency’s goal of raising P721.72 billion for the period

The bureau posted a stellar performance despite imports staying in contraction mode for seven straight months ending in August, based on latest government data.

READ: PH trade gap shrank in Aug as exports jumped

Duties paid in imports are Customs’ main source of income. For 2023, the Bangko Sentral ng Pilipinas forecasts imports to contract 3 percent year-on-year which, if realized, would be a turnaround from the 19-percent annual growth recorded in 2022.

But Customs Commissioner Bienvenido Rubio said his agency’s efforts to increase revenue collection and enhance trade facilitation might already be paying off.

Just last month, Customs said it signed a memorandum of agreement with PHLPOST aimed at “expediting clearances, enhancing security controls and simplifying customs procedures.”


READ: BOC will revive Customs Laboratory to boost anti-smuggling drive

“Our relentless drive against smuggling and the implementation of trade efficiency measures significantly contributed to the increase in revenue collection,” Rubio said.

“We are doubling our efforts to provide financial resources to support the government’s programs and projects,” he added.

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Customs is hoping to raise P901.3 billion for the entire 2023. Last year, the agency collected P862.929 billion.

TAGS: Bureau of Customs, Business, revenue

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