The Bureau of Customs (BOC) on Wednesday reported a 3.5-percent increase in revenue collection in March, exceeding its target for the third month in a row.
Preliminary data showed that the BOC collected P75.429 billion in March, surpassing the target of P72.910 billion. This resulted in a surplus of P2.519 billion.
It said that it also exceeded its cumulative revenue target in the first quarter by 4.03 percent, collecting P219.385 billion versus its goal of P210.896 billion.
This also reflected a growth of 2.60 percent compared to the P13.829-billion collection in the same period in 2023.
The BOC attributed its strong fiscal performance to its higher rate of assessment or enhanced system for determining the customs value of imported goods.
It also boosted its revenue collection through strict monitoring and collection of deferred payment of government importation.
Intensified post-clearance audit also resulted in ensuring compliance to customs laws and collection of rightful duties and taxes from importers.
The BOC recently signed a memorandum of agreement with Landbank of the Philippines to facilitate digital payment of miscellaneous fees and streamline payment processes for stakeholders to further improve its collection.
The BOC said its strengthened border protection efforts also contributed to its enhanced collection performance.
“The revenue collected by our agency serves as a lifeline for our government coffers, funding crucial national projects such as infrastructure development, education, healthcare, and disaster preparedness,” said Customs Commissioner Bienvenido Rubio. With Vito Barcelo