BOC Surpasses November Revenue Collection Goal

Manila – The Bureau of Customs (BOC) has reported that its revenue collection for November exceeded the set target by 1.5 percent. This announcement was made during a Wednesday briefing by BOC Commissioner Bienvenido Rubio.

According to Philippines News Agency, based on preliminary data, the BOC collected PHP75.34 billion in November, surpassing its target of PHP74.25 billion. The year-to-date collection of PHP813.65 billion also exceeded the target of PHP795.66 billion by 2.2 percent, marking a 3.09-percent increase from the previous year’s collection of PHP789.25 billion.

Rubio credited the increase to improved efficiency in tax collection. “The rise is attributed more to the efficiency of tax collection rather than an increase in volume. We have enhanced our assessment of goods coming into the country,” he explained. The BOC has implemented more thorough inspections and examinations, allowing for a more accurate assessment of the commodities’ specifics.

The BOC is on track to meet its annual collection target of PHP874.2 billion for this year. Rubio expressed confidence in not only meeting but exceeding the target. “I promise to meet the target and provide a surplus,” he stated.