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Bureau of Customs beat its monthly collection target for the eighth straight month in August 2022
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BOC’s August collection was P78.9 billion, 34.1% higher than its P58.8 billion target
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The collection includes P248.2 million from the Post Clearance Audit Group, and P677.4 million from the Tax Expenditure Fund
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The total collection from January to August is P559.2 billion, 35.6% higher than the P412 billion for the same period in 2021
The Bureau of Customs beat its monthly collection target for the eighth straight month in August.
The agency collected P78.9 billion in August, surpassing by 34.1% it P58.8 billion target, a preliminary report from BOC’s Financial Service said.
The collection consists of P77.9 billion revenues from all collection districts, P248.2 million from the Post Clearance Audit Group, and P677.4 million from the Tax Expenditure Fund, BOC said in a statement.
All 17 collection districts exceeded their August targets and cumulatively achieved a P15.8 billion or 25% surplus through intensified collection efforts, according to BOC. It added that BOC’s “consistently improving performance” manifests its sustained reform efforts.
From January to August, BOC collected a total of P559.2 billion, 35.6% higher than the P412 billion for the same period in 2021.
BOC also attributed its collection performance to its streamlined, digitized, and modernized systems, and the improving economy, which led to higher volume of imports.
For 2022, BOC revised its annual collection target upward to P721.5 billion from P679.226 billion. Acting Customs commissioner Yogi Filemon Ruiz earlier said, however, that the bureau’s internal target is higher at P740 billion and that BOC is “on track to surpass it.”
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