Customs collections hit P81.75B in May, up 4.91%
MANILA, Philippines — The Bureau of Customs (BOC) collected P81.753 billion in May, beating the revenue target for the month of P79.621 billion by 2.68 percent.
From the same month last year, collections rose by 4.91 percent, according to preliminary data.
This brought total collections in the first five months to P381.347 billion, 6.13 percent higher than the target of P366.047 billion.
The BOC attributed the revenue growth to its “continuous monitoring of the values and classifications of imported commodities.”
Nontraditional sources such as audits and public auctions likewise helped increase revenue collection.
READ: Customs confident of hitting P1-trillion collection goal in 2024
Article continues after this advertisement“Intensified border control and improved trade facilitation further contributed to consistent revenue efficiency. These efforts not only increase tax collection but also deter smuggling and illegal activities, leading to higher revenue collection,” Customs Commissioner Bienvenido Rubio said.
Rubio also said the revenues collected would help finance the government’s infrastructure projects, educational facilities, health-care services and strengthen national security measures. INQ
