Customs collects P71B in Feb., surpasses its monthly target

March 5, 2024

0 Less than a minute

Bureau of Customs (BOC) and the National Bureau of Investigation-Special Action Unit (NBI-SAU) inspected a warehouse in Valenzuela City, March 11, 2022. — COURTESY OF BUREAU OF CUSTOMS

THE BUREAU of Customs (BoC) reported that its collections reached P70.601 billion in February, surpassing its target for the month.

Preliminary data from the BoC showed its February collection exceeded its P66.207-billion target for the month by 6.64%.

This was also up by 12.3% from its P62.895-billion collection a year ago.

“Several factors contributed to the surge in BoC collection, including the agency’s higher assessment rate due to an improved system of determining the customs value of imported goods,” it said.

BoC also attributed its improved collection to enhanced trade facilitation efforts and anti-smuggling initiatives.

Finance Secretary Ralph G. Recto earlier ordered the agency to optimize its performance through creativity, transparency and efficiency in customs administration.

“As we continue to innovate and adapt to evolving challenges, the BoC is poised to achieve even greater milestones in the future,” Customs Commissioner Bienvenido Y. Rubio said in a statement.

Mr. Rubio earlier said that the agency will be intensifying its collection efforts this year to be able to surpass its target.

Data from the Treasury showed that Customs revenues rose by 2.41% year on year to P883.2 billion in 2023. It also surpassed by 1.04% its P874.2-billion full-year target.

This year, the agency is tasked to collect P959 billion. — Luisa Maria Jacinta C. Jocson