MANILA: The Bureau of Customs (BOC) has recorded a surplus of PHP12.41 billion from its revenue collection from January to the second week of May.
Based on its preliminary report released on Wednesday, the bureau said the figure represents a 3.9 percent increase from its target collection of PHP317.87 billion when it collected PHP330.27 billion between January and May 13.
The total collection also represents a 7 percent increase from the same period last year when PHP308.65 billion was collected.
Commissioner Bienvenido Rubio presented the figures during the Department of Finance’s (DOF) Executive Committee meeting also with the Bureau of Internal Revenue (BIR) on May 15, the BOC added.
He also reported 132 apprehensions in the first quarter, resulting in seizures worth approximately PHP28.02 billion under the BOC’s enhanced border protection.
These seizures included general merchandise, counterfeit goods, cigarettes/tobacco, and various illegal drugs uncovered in various ports.
Meanwhile, under the fue
l marking program, a total of 7.01 billion liters of fuel were marked for the current calendar year and fuel worth PHP908.52 billion was marked from 2019 to May 9 this year.
He also presented its first-quarter report on the volume of imports, including oil and non-oil commodities.
The BOC likewise provided updates to the finance department on the Philippines Customs Modernization Project (PCMP), detailing its meetings with the World Bank, the next steps for the initiative, as well as the progress on value-added tax (VAT) refund applications.
During the meeting, Rubio acknowledged the importance of these efforts in ensuring the nation’s financial stability and security, pledging to continue to enhance the agency’s operations and strategies to meet these critical objectives.
“The BOC remains committed to contributing to DOF’s goal of fostering national socio-economic growth by collecting additional revenue for our fellow Filipino people and guarding the country’s borders,’ he said.
Source: Philippines New
s Agency
