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The Bureau of Customs collected P84.424 billion in July, its highest monthly collection ever
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The revenue surpassed the agency’s P60.785-billion monthly target by 38.9%
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It also broke the previous record for highest monthly collection of P76.290 billion in June
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From January to July, BOC has taken in P481.139 billion, exceeding the same period target by 23.8% and year-on-year actual collection by 34.1%
The Bureau of Customs (BOC) collected P84.424 billion in July, its highest monthly collection ever.
The revenue surpassed the P60.785-billion monthly target by 38.9%.
The July collection also broke the previous highest monthly collection of P76.290 billion in June.
The latest collection includes P1.128 billion from the Tax Expenditure Fund (TEF) and P527.65 million from the Post Clearance Audit Group (PCAG), BOC said in a statement.
From January to July, BOC took in P481.139 billion, exceeding that period’s target of P388.597 billion by 23.8% and the year-on-year actual collection of P358.915 billion by 34.1%.
Revenue for the first seven months includes collections of P2.563 billion from the TEF and P1.366 billion from PCAG.
BOC attributes the positive collection performance to improved valuation of the bureau, its digitized and modernized systems, the gradually improving economy resulting in higher volume of importations, and the intensified collection efforts of all BOC collection districts.
For 2022, BOC’s annual target is P679.226 billion, 10.1% higher than the P616.749-billion goal for 2021 and 5.1% more than the P645.765-billion actual collection last year.
Former Customs Commissioner Rey Leonardo Guerrero earlier said BOC has set a higher internal target of P699 billion as the agency is also required to collect additional revenues for value-added tax refund.
