Customs collections overshoot target in Q1

MANILA, Philippines — The Bureau of Customs (BOC) collected P219 billion in the first quarter  as it sustained its streak of surpassing targets on the back of an enhanced assessment system.

Data showed that Customs collections reached P75.43 billion in March, down six percent year-on-year but three percent above the monthly target of P72.91 billion.

This still brought Customs revenues for the first quarter to P219.39 billion, rising by 2.6 percent from the P213.83 billion it generated in the same period last year.

The amount is also four percent above the January to March 2024 target of P210.9 billion.

The revenue for the three-month period is now 22 percent of the P1 trillion target for the year set by the Cabinet-level Development Budget Coordination Committee.

Customs Commissioner Bienvenido Rubio attributed the better collection  to the agency’s higher rate of assessment or enhanced system for determining the Customs value of imported goods.

Similarly, the BOC implemented 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,” Rubio said.

Further, the BOC chief noted that the facilitation of digital payment of miscellaneous fees and other payment processes for stakeholders contributed to improved collection.

The BOC also strengthened its border protection efforts against smuggling to prevent revenue losses from illicit trade activities.

As the second largest revenue agency, the BOC is mandated to deliver financial resources to fund the government’s programs and projects.