BOC logs P74-M collection surplus in April

The Bureau of Customs (BOC) has recorded a PHP74 million surplus in its revenue collection for April. In a statement on Tuesday, the BOC said last month’s PHP68.274 billion collection surpassed its target collection of PHP68.199 billion. The amount is 3.97 percent higher than last year’s collection of PHP65.669 billion for the same period. Commissioner Bienvenido Rubio attributed their collection performance to its higher rate of assessment, which is mainly due to improved valuation of non-oil importation, according to the Revenue Collection Monitoring Group – Financial Service. At the same time, he announced that the agency’s total revenue collection for the first four months of 2023 reached PHP281.902 billion. The figure surpassed the target collection of PHP265.220 billion by 6.29 percent or PHP16.682 billion. The revenue is also 10.89 percent higher than the previous year’s collection of PHP254.226 billion for the same period. In addition, the BOC recorded its highest daily collection for the year on April 30, amounting to over PHP7.51 billion, which is an encouraging indication of the agency’s continued efforts to improve its collection performance. “We will continue to uphold our commitment to transparency, accountability, and service excellence as we strive to meet our revenue targets and contribute to the growth and development of our country,” the BOC chief added. He said the BOC’s consistent increase in revenue collection is a positive development for the Philippine government, as it strives to generate revenue to fund its various programs and projects

Source: Philippines News Agency