MANILA: The Bureau of Customs (BOC) said it exceeded its collection target in June by an estimated P1.8 billion.
BOC said that based on its preliminary data, its total collections for June reached P31.2 billion, 6.4 percent more than the P29.3 billion cash collection target.
June 2015 collections are also P3.9 billion or 14.3 percent higher than the P27.3 billion in June 2014.
“Based on preliminary E2m and collection district reports, revenues generated by the BOC in June were derived purely from cash collection, which refers to duties, taxes and fees collected from goods that entered through the customs ports nationwide,” BOC said in a statement on Tuesday.
BOC’s cash collections, those generated from BOC operations net of the Tax Expenditure Fund (TEF) or paper transactions from government importations, grew by 14.3 percent or P3.9 billion versus the same month last year.
The agency said that overall, the growth in collection was driven by the increase in the total volume of importation by 19.3 percent and slight improvement in the total value of importation by 1.6 percent.
“This is only the second time this year that the BOC exceeded its monthly cash target. With the support of our men and women in the bureau, I trust the Aquino administration’s reforms will result to reaching our monthly targets consistently,” said Customs Commissioner Alberto Lina.
For the first half of the year, Customs revenues grew by P4.9 billion or 2.9 percent from the same period last year.
