The Bureau of Customs on Tuesday said its revenue collection as of mid-November has reached P745.5 billion, surpassing its full-year target.
The Bureau of Customs (BOC) said its collections as of November 11 were P23.98 billion higher than its 2022 target of P721.52 billion.
“This year’s revenue collection performance historically marks the highest revenue collection of the agency to date,” it said in a statement.
“Based on a preliminary report, all 17 collection districts of the Bureau also reached their respective collection targets, garnering a surplus of 16.8 percent or P103.29 billion as of October 31,” it added.
On an annual basis, the BOC’s total collection as of November 11 is already 15.44 percent higher than the P645.765 billion it collected for the whole year of 2021.
The BOC attributed the higher year-on-year collections to its “stringent” implementation of programs aimed at curbing smuggling and corruption, optimizing revenue collections and continuing digitization of the bureau’s operations.
“As ordered by President Marcos Jr., [BOC] Commissioner [Yogi Filemon] Ruiz has streamlined customs processes to ease bottlenecks and promote local and international investments and efficient trade facilitation while preventing revenue leakages through heightened border security measures,” the bureau said.
The BOC’s digitization rate now stands at 91.18 percent wherein 155 out of its total 170 processes have been digitized.
The Bureau said its management information system and technology group is currently working on the development of other systems “to further strengthen border control, enhance trade facilitation and improve collection of lawful revenues.”
For the month of November, the BOC aims to collect a total of P59.338 billion in revenues and another P59.392 billion next month. (Related story: https://businessmirror.com.ph/2022/11/03/moves-vs-leakage-smugglingbring-%e2%82%a7714-3b-to-boc-coffers/).