MANILA – The Bureau of Customs (BOC) recorded its highest monthly collection in history at PHP84.42 in July.
Based on the preliminary report from the BOC Financial Service released on Monday, the amount exceeded last month's target collection by nearly 39 percent, logging a PHP23.369 billion surplus.
The figures also include additional revenues from the Tax Expenditure Fund (TEF) collection of PHP1.128 billion and Post Clearance Audit Group (PCAG) collection of PHP527.65 million in the same month.
To date, the Bureau collected PHP481.139 billion since January 1, surpassing its cumulative target of PHP388.597 billion by PHP92.542 billion or an increase of 23.8 percent.
The cumulative collection includes additional revenues from the TEF collection of PHP2.563 billion and PCAG collection of PHP1.366 billion.
It added that the collection from January to July this year is also higher by 34.1 percent or PHP122.224 billion than the PHP358.915 billion January to July collection in 2021.
The performance of the BOC and its 17 collection districts is attributed to the improved valuation of the bureau, its digitized and modernized systems, the gradually improving economy resulting to higher volume of importations.
The bureau also cited the intensified collection efforts of all districts which prevent revenue leakages and ensure the collection of all lawful revenues. (PNA)