Customs surpasses July revenue collections by P24.6B
Revenue collections of the Bureau of Customs (BOC) reached P 84.424-billion in July, surpassing the target by P 23.639-billion or 38.9 percent, as income returns to pre-pandemic levels, according to data from the BOC Financial Service.
According to the BOC, the collection includes additional revenues from the Tax Expenditure Fund (TEF) of P 1.128-billion and Post Clearance Audit Group (PCAG) collection of P 527.65-million in the same month.
The BOC and its Collection Districts continue to showcase its positive collection performance. Since January this year, the Bureau collected P 481.139 billion, surpassing its cumulative target of P 388.597-billion by P 92.542 billion, or 23.8 percent.
The Bureau added that the cumulative collection includes additional revenues from the TEF collection of P 2.563 billion and PCAG collection of P 1.366 billion.
From January to July this year, the BOC’s collection is also higher by 34.1 percent or P 122.224 billion than the P 358.915 revenues collected in the same period last year.
The BOC said the July collection performance under the leadership of Commissioner Yogi Filemon L. Ruiz is attributed to the improved valuation of the Bureau, its digitized and modernized systems, the gradually improving economy resulting that resulted to a higher volume of importations, and the intensified collection efforts of all districts which prevent revenue leakages, and collection of all lawful revenues.
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