The Bureau of Customs (BOC) has surpassed its goal for the first half of the year by 3.21 percent, despite challenges in the volume of importation, the agency said in a statement.
The BOC said total collections from January to June amounted to P434.17 billion. This is higher by P13.51 billion than the P420.66 billion target for the first semester of the year.
The latest collection figure also reflects a P37.43 billion growth compared to the previous year.
For June alone, the BOC generated P74.86 billion in duties and taxes that is higher by 0.19 percent from its target of P74.72 billion for the month.
“The increase in revenue was achieved despite the challenges in importation volume, which is negative 2.8 percent this year for high-value commodities,” the BOC said.
Furthermore, the agency said although the volume of oil increased by 9.9 percent this year as compared last year, the revenue from said commodity declined due to decreasing value of oil in the world market, averaging from as high as $1.1 per liter in June 2022 to just $0.63 per liter this month.
The BOC said its campaign against smuggling of all forms significantly contributed to its collection performance.
The anti-smuggling efforts resulted in the seizure of shipments with aggregate estimated value of P23.8 billion so far this year.
Of these, P15.54 billion are counterfeit goods, P2.9 billion are agricultural products and P1.85 billion are cigarettes/tobacco.
