BOC repegs first-half results to P455.8 billion

BOC repegs first-half results to P455.8 billion

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.

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

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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.

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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.

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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.

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“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.

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TAGS: BoC, revenue

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