Customs collection rose 3.5% to P75.4b, exceeded March goal

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The Bureau of Customs on Wednesday reported a 3.5-percent increase in revenue collection in March, exceeding its target for the third month in a row.

It said that it also exceeded its cumulative revenue target in the first quarter by 4.03 percent, collecting P219.385 billion versus its goal of P210.896 billion. The BOC attributed its strong fiscal performance to its higher rate of assessment or enhanced system for determining the customs value of imported goods.It also boosted its revenue collection through strict monitoring and collection of deferred payment of government importation.

The BOC recently signed a memorandum of agreement with Landbank of the Philippines to facilitate digital payment of miscellaneous fees and streamline payment processes for stakeholders to further improve its collection.

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MlaStandard /  🏆 20. in PH

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