BOC surpasses May collection target by 3.9%

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The Philippine Bureau of Customs (BOC) reported that it hit its revenue collection target for May 2018, collecting P52.601 billion, 3.9% higher than the P50.628 billion target for the month.

The May 2018 collection is also 32% higher than the P39.838 billion earned in the same period last year, preliminary data from the agency’s Financial Service showed. This is also the fourth consecutive month this year that BOC hit and exceeded its monthly target.

In a statement, BOC said May 2018 also recorded a revenue collection milestone as 16 out of the 17 BOC collection districts hit and exceeded their collection targets.

BOC traced its increasing revenue surplus to the enhanced revenue collection performance of the bureau’s 16 district ports:

  • Port of Batangas posted P14.454 billion revenue, up 23.3% or P2.733 billion
  • Port of Manila posted P8.083 billion revenue, up 6.2% or P472 million
  • Port of Limay posted P3.462 billion revenue, up 12.4% or P381 million
  • Ninoy Aquino International Airport posted P3.155 billion revenue, up 5.2% or P155 million
  • Port of Cebu posted P2.395 billion revenue, up 5% or P114 million
  • Port of Davao posted P1.936 billion revenue, up 19.2% or P311 million
  • Port of Cagayan de Oro posted P1.866 billion revenue, up 30.5% or P436 million
  • Port of Subic posted P1.853 billion revenue, up 1.7% or P31 million
  • Port of Iloilo posted P323 million revenue, up 17.8% or P49 million
  • Port of San Fernando posted P298 million revenue, up 7% or P21 million
  • Port of Clark posted P173 million revenue, up 30.3% or P40 million
  • Port of Zamboanga posted P58 million revenue, up 142.2% or P34 million
  • Port of Tacloban posted P47 million revenue, up 102.4% or P24 million
  • Port of Legazpi posted P25 million revenue, up 4% or P1 million
  • Port of Appari posted P16 million revenue, up 213.6% or P11 million
  • Port of Surigao posted P2.2 million revenue, up 7.7% or P200,000

Customs commissioner Isidro Lapeña said the 3.3% increase in the volume of imports also contributed to the improved revenue collection performance last month.

“The value of imports also grew by 17.8%. I will say this is because of the continuing application of correct valuation and tariff classification of goods,” Lapeña stated.

BOC-Financial Service also reported that the increase in foreign exchange and oil price, and growth in the importation of motor vehicles, crude oil, foodstuff, iron and steel, and petroleum products helped to beef up the May collection.

BOC said economic managers expressed satisfaction with the agency’s record collections under Lapeña. In the nine months that Lapeña has been customs chief, BOC hit its target seven months and even had surplus collections.

Meanwhile, Manila International Container Port failed to achieve its revenue target of P15.611 billion for May, collecting only P14.199 billion.

From January to May 2018, BOC has already collected P230.18 billion in revenue. The agency has been tasked to collect P598 billion this year.

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