BOC exceeds March collection target by 3.45%

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BOC exceeds March collection target by 3.45%
Image by ar130405 from Pixabay
  • The Bureau of Customs exceeded its March collection target by 3.45%, taking in P75.429 billion
  • BOC also surpassed its first quarter goal by 4.03%, collecting P210.896 billion versus the P219.385-billion target
  • The agency attributed its positive collection performance to its higher rate of assessment and enforcement of its mandates such as on anti-smuggling and post-clearance audit

The Bureau of Customs (BOC) exceeded its March collection target by 3.45%, taking in P75.429 billion from its P72.910-billion goal, BOC said in a statement.

From January to March, BOC also exceeded its cumulative revenue target for the period of P210.896 billion by 4.03%, collecting P219.385 billion. This is 2.60% higher compared with the P213.829-billion collection for the same period in 2023.

The agency attributed its performance to its higher rate of assessment or enhanced system for determining the customs value of imported goods, as well as strict monitoring and collection of deferred payment of government importation. BOC said intensified post-clearance audit also resulted in ensuring compliance to customs laws and collection of rightful duties and taxes from importers.

To further improve its collection, BOC noted it recently signed a memorandum of agreement with the Land Bank of the Philippines to facilitate digital payment of miscellaneous fees and streamline the payment processes for stakeholders.

READ: LBP accepts e-payment for BOC miscellaneous fees

BOC earlier said the use of LBP’s Link.BizPortal would also minimize delays and provide a more convenient and user-friendly experience for stakeholders. It is also seen to further enhance the agency’s operational efficiency, reduce bureaucratic red tape, and improve overall service delivery.

Moreover, BOC said its strengthened border protection efforts significantly contributed to its enhanced collection performance as intercepting various smuggled goods through multiple seizure operations in March “effectively prevented revenue loss due to illicit activities.”

This year, the BOC is tasked to collect P959 billion in revenues, 9.7% higher than its 2023 target of P874.166 billion. The 2024 target is also 8.5% more than last year’s P883.624 billion actual collection.