Customs collected P50.13-billion in June, up by 42% - The Daily Sentry

Thursday, July 5, 2018



Customs collected P50.13-billion in June, up by 42%




Bureau of Customs (BoC), photo from Flying Ketchup
A total of P50.139 Billion have already been collected by the Bureau of Customs (BOC) in June, higher by 41.6% than the P35.417 Billion reported the same month last year which showed 4.9% more than the forecasted P47.797 Billion for that month.

January – June 2018’s total revenues already collected reached P280.33 Billion which grew 33.31% higher than the revenue generated last year on its first six (6) months amounting to P210.28 Billion. 

“The total accrued revenue in six months has already exceeded 50% of the P598 billion target for the year”               

In a statement on Monday, July 2,2018, BOC Commissioner Isidro S. LapeƱa said that, “this achievement is attributed not only to the consistent diligence of all BoC ports in terms of collection but also to the continuing application of correct valuation and tariff classification of goods.”

Photo from bworldonline
To recall, collaborative revenue collections from both Bureau Of Internal Revenue (BIR) and Bureau of Customs (BOC) were already UP by the first 2 months of the year following the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act with assertiveness that our government is earning ‘more revenues than expected’, as best described by Department Of Finance (DOF) Secretary Carlos Dominguez III.

With the continued increase in collections, Dominguez said that the government shall adequately fund its ambitious ‘BUILD, BUILD, BUILD’ Program which seeks to address the country’s infrastructure deficiency that could entail up to P9 Billion.

“Our Build Build Build and TRAIN programs are working as planned,” Dominguez maintained.

The government has already allocated about P1.1 Trillion dedicated for infra – projects equivalent to more or less 6% of the Gross Domestic Product (GDP) for 2018 alone.

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