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The Bureau of Customs posted its highest annual collection of P862.929 billion in 2022, exceeding its P721.52 billion target by 19.6%
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The latest collection was also 34.1% higher than the P643.562 billion generated in 2021
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For the first time, all of BOC’s 17 collection districts surpassed their annual revenue collection targets
The Bureau of Customs (BOC) posted its highest annual collection in 2022, taking in P862.929 billion and exceeding its P721.52 billion target by 19.6%.
The 2022 revenue collection was also 34.1% higher than the P643.562-billion generated in 2021, BOC said in a statement.
For the first time, all of BOC’s 17 collection districts surpassed their annual revenue collection targets.
Of the total 2022 figure, the Post Clearance Audit Group (PCAG) contributed P1.840 billion from its collection of deficient customs duties, taxes, penalties, and interests. This is 16% higher than the group’s annual target of P1.584 billion and 21% up from the P1.522 billion posted in 2021.
From public auctions of overstaying cargoes, the agency raised P292 million, and from tariff from rice imports, P22.8 billion.
The public auction of seized, forfeited, or abandoned containers generated additional revenues for the government and decongested ports for more efficient trade facilitation, the agency said.
The additional revenues included the P22.8 billion rice tariff collection. The Rice Tariffication Law helps consumers and farmers by lowering the retail prices of rice and providing assistance to farmers through excess tariff revenues.
BOC earlier noted that several reforms were expedited and implemented that paved the way in plugging revenue leakages and led to sustained positive collection performance.
The agency has been surpassing its monthly revenue targets this year. It posted its highest-ever monthly collection in July with P84.424 billion.
For 2023, acting Customs commissioner Yogi Filemon Ruiz earlier said BOC has set an internal revenue collection target of P921 billion. The target is 2% higher than the P901.3 billion set by the Development Budget Coordination Committee and 28% more than 2022 goal of P721 billion.
