Home Investing News Customs exceeds full-year revenue target by 9.5%

Customs exceeds full-year revenue target by 9.5%

by
Authorities seized more than a thousand sacks of illegally imported white onions in Divisoria, Manila, Dec. 3. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE BUREAU of Customs (BoC) has exceeded its full-year revenue collection target by 9.5% as of end-November.

Based on preliminary data, the BoC collected P76.77 billion in November, exceeding the P60.6-billion target by 26.7%. This brought the 11-month collection to P790.301 billion.

“The Bureau also marked its highest collection performance in history and reached this year’s revenue target of P721.52 billion as early as Nov. 11. This means the bureau was already P68.781 billion or 9.5% above its annual target as of Nov. 30,” the agency said.

It noted that all 17 collection districts had achieved their revenue targets for January to November.

The BoC said it would prioritize efforts to improve revenue collection, curb smuggling and streamline processes.

The agency said it has also implemented measures to help plug revenue leakages and sustain positive collection performance.

At a forum last week, Finance Secretary Benjamin E. Diokno said the BoC’s revenue surplus would likely cover the shortfall of other revenue-generating agencies.

As of end-October, the National Government’s revenue collections increased by 18.31% to P2.9 trillion, accounting for 89% of the P3.3-trillion goal for the year. — L.M.J.C.Jocson

Related Posts