The Bureau of Customs (BOC) collected P42.539 billion in June 2020, 4.4% higher than its P40.739-billion target for the month, breaking two consecutive months of missing targets due to community quarantine measures in Luzon and other parts of the country.
In a statement, BOC attributed the positive performance to “gradually improving volume of importation” and “government’s effort in ensuring unhampered movement of goods domestically and internationally considering the pandemic situation.”
READ: COVID causes 9.5% decline in BOC Jan-May collection
BOC noted it has also maintained enhanced control measures against undervaluation, misdeclaration, and other forms of technical smuggling to protect the country’s borders and collect lawful revenues.
A preliminary report from the BOC Financial Service shows 11 of the bureau’s 17 collection districts hit their June targets: San Fernando, Legazpi, Cebu, Tacloban, Cagayan De Oro, Zamboanga, Davao, Subic, Clark, Aparri, and Limay.
For the full year 2020, BOC is tasked to collect P541.703 billion, lower by 26% from the initial P731-billion target following the Development Budget Coordination Committee (DBCC) approved adjustment of targets in response to the impact of the COVID-19 pandemic on the Philippine economy.
DBCC projects the Philippine economy contracting by 2% to 3.4% in 2020. The National Economic and Development Authority estimates the potential impact of the pandemic on the economy at P2 trillion or 9.4% of gross domestic product this year.
The country’s total expected revenue collection for 2020 has been revised to P2.61 trillion or 13.6% of GDP. This is lower by P560.5 billion or 17.7% compared with the P3.17 trillion program approved by the DBCC on March 27, 2020.
