The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, said yesterday the impressive collection of the Bureau of Customs (BOC) for the month of August sends a strong signal to investors that the country’s business competitiveness is improving.
“This will definitely bring down the cost of doing business and help improve the country’s competitiveness ranking,” PCCI president Edgardo G. Lacson said.
The Bureau of Customs (BOC) exceeded its August revenue target by 10.9 percent with total collection of P25.4 billion.
Lacson said that the BOC consistently exceeded their revenue targets in the last five months. To date, the agency has collected P167.84 billion, higher than the P162.67-billion target.
Lacson emphasized that the growth in BOC’s returns means an increase in the country’s coffers which could be equated to bigger funding to support government projects.
He said this could translate to improving the business climate in the country and thereby attracting more foreign and domestic investments.
“It is high time for them to concentrate on their gains and build upon the momentum by spearheading initiatives to further harmonize customs procedures with international standards,” Lacson noted.
The August collection is 21.6 percent better than the P20.9 billion a year ago. The agency has attributed the improved collection to the strict monitoring of goods entering the country through the use of X-ray machines and post entry audit of imports.
In fact, BOC said they are confident they will hit their yearend target of P254 billion this year.