The Bureau of Customs (BOC) has set a collection target of P139.644 billion for the last quarter of 2020, in keeping with the agency’s revised goal.
The target is contained in Office of the Commissioner Memo No. 190-2020 signed by Customs commissioner Rey Leonardo Guerrero on September 29. It follows the revised quarterly targets approved by the Development Budget Coordination Committee (DBCC) based on BOC’s actual revenue take from January to September 2020.
The agency’s revised target for the whole of 2020 is P506.150 billion, of which 78% or P396.698 billion has to date been collected.
For October BOC has to take in P50.447 billion, for November P44.001 billion, and December P45.196 billion.
The 2020 revenue goal is 30.8% less than the original target of P731 billion and 6.6% less than the revised target of P541.703 billion set last May. The new goal takes into account the adverse impact of COVID-19 on the economy.
The DBCC foresees a steeper 5.5% contraction of the economy in 2020, from 2% to 3.4% decline projected last May. Goods exports and imports are also seen to further contract this year, slipping by 16% and 18%, respectively.
The government’s total estimated revenue collection by the BOC and the Bureau of Internal Revenue for 2020 were reduced from P2.61 trillion projected last May to P2.52 trillion, or 13.4% of GDP.
