BOC repegs first-half results to P455.8 billion

Bureau of Customs (BOC) | FILE PHOTO

The Bureau of Customs corrected downward its preliminary revenue collection result for the first semester to P455.8 billion, which is still higher — by 2.98 percent higher — than its target of P442.6 billion.

However, the updated figure is lower by P253 million compared to the P456.05 billion revenues that the BoC reported earlier this month.

The agency’s full-year revenue goal is to ring up a total of P939 billion.

READ: BOC surpasses mid-year revenue target by P22.6-B

According to BOC Commissioner Bienvenido Rubio, the corrected first-half data included collections from 8,816 cases of smuggled cigarettes amounting to P595.22 million while capture from illegal agricultural products amounted to P100 million in the first six months.

The BOC also recorded 204 apprehensions of various commodities which includes counterfeit goods, general merchandise, cigarettes/tobacco, illegal drugs, and other products alongside with the fuel marking program amounting to P41.58 billion.

The fuel marking program involves the injecting of chemical identifiers into tax-paid oil products after the taxes are paid on refined and imported gasoline, diesel, and kerosene.

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The agency attributed the revenue growth to the improved valuation methods and the ongoing digitization and modernization of its systems.

“The Bureau of Customs remains committed to improving operational efficiency, transparency, and revenue generation through innovative practices and strategic partnerships,” Rubio said in a statement.

Meanwhile, Finance Secretary Ralph Recto expressed support for the BoC’s efforts in revenue collection, anti-smuggling efforts, and digital transformation initiatives.