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BOC collected P50.9 billion in revenue for October, 5.2% more than its target of P48.4 billion and the fifth straight month it exceeded its monthly goal
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Seven of 17 collection districts surpassed their October targets
The Bureau of Customs (BOC) exceeded its monthly revenue collection target for the fifth straight month in October 2020 taking in P50.9 billion, 5.2% higher than its target for the month of P48.4 billion.
In a statement, BOC said preliminary report from its Financial Service showed seven out of its 17 collection districts surpassed their October 2020 targets. These are the ports of Batangas, Manila, Zamboanga, Subic, Clark, Limay, and Cebu.
BOC said from January to date, it has collected P448.950 billion, representing 88.7% of the full-year target of P506.150 billion.
It attributed this development to “improved valuation and intensified collection efforts of all the ports, gradual improvement of importation volume and the government’s effort in ensuring unhampered movement of goods domestically and internationally considering the pandemic situation.”
The 2020 collection target is 30.8% lower than the original target of P731 billion and by 6.6% less from the revised target of P541.703 billion set last May. The lower revenue target is in view of the adverse impact of COVID-19 on the Philippine economy.
