The Bureau of Customs (BOC) has exceeded its August 2020 revenue target by 32.53%, its third consecutive month of hitting its monthly goal.
Revenue collection for August reached P44.631 billion, higher than the agency’s P33.675-billion monthly target, according to preliminary report of BOC’s Financial Service.
Of the 17 collection districts, nine surpassed their monthly revenue targets, namely, the ports of Tacloban, Zamboanga, Aparri, Limay, Clark, Cebu, Subic, Cagayan De Oro, and Davao.
BOC attributed the positive performance to “improved valuation and intensified collection efforts of all the ports.”
“Despite this performance, the Bureau maintained its border security measures against undervaluation, misdeclaration and other forms of technical smuggling and collect lawful revenues,” it added.
For full-year 2020, BOC is tasked to collect P506.2 billion, 30.8% lower than the initial target of P731 billion and by 6.6% from the revised target of P541.703 billion last May.
The lower revenue target is in view of the adverse impact of the coronavirus pandemic on the Philippine economy.
The Development Budget Coordination Committee (DBCC) foresees a steeper 5.5% contraction of the economy in 2020 from 2.0% to 3.4% decline projected last May as a result of the COVID-19 pandemic.
READ: PH to see deeper 5.5% contraction in 2020
Goods exports and imports are also anticipated to further contract this year, declining by 16% and 18%, respectively. Estimated revenue collections for 2020 were reduced from the P2.61 trillion projected last May to P2.52 trillion, or 13.4% of GDP.
