Philippine Customs Seized Nearly 71 Billion Pesos in February
Jayson 14 Mar 2024 11:31
The Philippine Bureau of Customs (BoC) reported that customs collections reached ₱70.601 billion in February, exceeding the target for the month.
Preliminary data showed that collections in February exceeded the monthly target of 66.207 billion pesos by 6.64%. This was also an increase of 12.3% from ₱62.895 billion a year ago.
"Several factors contributed to the surge in BOC collections, including the agency's increased assessment rates due to improvements in its system for determining the dutiable value of imported goods," the report said. The BOC also attributed the increase in collections to trade facilitation and Strengthening of anti-smuggling measures.
Treasury Secretary Ralph G. Recto earlier ordered the agency to optimize its performance through creativity, transparency and efficiency in customs administration. The agency is reportedly tasked with raising ₱959 billion this year.
Preliminary data showed that collections in February exceeded the monthly target of 66.207 billion pesos by 6.64%. This was also an increase of 12.3% from ₱62.895 billion a year ago.
"Several factors contributed to the surge in BOC collections, including the agency's increased assessment rates due to improvements in its system for determining the dutiable value of imported goods," the report said. The BOC also attributed the increase in collections to trade facilitation and Strengthening of anti-smuggling measures.
Treasury Secretary Ralph G. Recto earlier ordered the agency to optimize its performance through creativity, transparency and efficiency in customs administration. The agency is reportedly tasked with raising ₱959 billion this year.
