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The Bureau of Customs collected P74.861 billion in duties and taxes in June
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The agency exceeded the target of P74.72 billion by P140 million
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Mid-year revenue goal surpassed by over P13 billion
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Positive performance seen despite depressed imports volume and oil revenues
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Anti-smuggling efforts result in seizure of shipments with an aggregate estimated value of P23.8 billion this year
THE Bureau of Customs (BOC) collected P74.861 billion in duties and taxes in June, exceeding by P140 million its target of P74.721 billion for the month.
Based on the report from the Bureau of Treasury (BOT), the BOC’s June take brought the agency’s total collections from January to June to P434.169 billion, higher by 3.21% or P13.505 billion than the P420.66 billion goal.
The figure reflects a P37.434-billion growth compared to the actual collection year-on-year.
The increase in revenue was achieved despite the challenges in importation volume, negative 2.8% this year for high-value commodities, the BOC said in a statement.
Furthermore, although the volume of oil increased by 9.9% this year compared to last year, the revenue from the commodity declined due to decreasing value of oil in the world market (from as high as US$1.1 per liter in June 2022 to just US$0.63 per liter average this month), BOC pointed out.
The agency said its campaign against smuggling contributed to its positive collection performance. The anti-smuggling efforts resulted in the seizure of shipments with an aggregate estimated value of P23.8 billion this year.
Of the total, seizures of counterfeit goods represented P15.54 billion; seizures of agricultural products, P2.90 billion; and seizures of cigarettes/tobacco, P1.85 billion, among others.
BOC said that aside from exceeding its monthly collection targets, a record-breaking daily collection of P7.51 billion was recorded on April 28, 2023 alone.
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