(Infographics courtesy of BOC)
MANILA – The Bureau of Customs (BOC) exceeded its target revenue collection in October by over PHP1 billion.
Citing its latest data released on Friday, the bureau said it has collected PHP78.616 billion last month which translates to a PHP1.084 billion collection surplus as against its PHP77.532 billion target collection.
In a statement, Commissioner Bienvenido Rubio said this demonstrates the bureau’s dedication to excellence, reinforcing its mandate to increase revenue collection and enhance trade facilitation in support of the country's economic development.
“Our relentless drive against smuggling and the implementation of trade efficiency measures significantly contributed to the increase in revenue collection. We are doubling our efforts to provide financial resources to support the government's programs and projects,” the BOC chief added.
At the same time, the bureau reported a total revenue collection of PHP739 billion from January to October this year.
This is 2.4 percent higher than the PHP721.717 billion target collection for the 10-month period.
The PHP739 billion revenue collection is also higher than the PHP713.522 billion collected by the BOC from January to October last year.
On Oct. 18, the BOC further boosted its trade facilitation efforts with the signing of a memorandum of agreement (MOA) with the Philippine Postal Corp. aimed at expediting clearances, enhancing security controls, and simplifying customs procedures.
The bureau is also ramping up its digitalization efforts by developing new systems and modern facilities to further streamline procedures and reduce processing times in import and export transactions. (PNA)
