The Bureau of Customs (BOC) has broken its daily collection record after it raked in P7.51 billion last April 28.
The revenues generated during the said date lsurpassed the agency’s previous highest daily collection of P6.07 billion on October 14, 2022, by P1.44 billion or 23.64 percent.
The BOC said in a statement its performance can be attributed to its continuous efforts to implement proper valuation which resulted in a notable increase in revenue collection.
The government’s second largest revenue-generating agency also previously reported that it exceeded its revenue collection target for April, collecting P68.27 billion compared to the goal of P68.2 billion.
This is a 3.97 percent increase from last year’s collection of P65.67 billion for the same period.
The agency’s total revenue collection for the first four months of 2023 reached P281.9 billion, surpassing the target collection of P265.22 billion by 6.29 percent.
This year’s collection so far is also 10.89 percent higher than the previous year’s figure of P254.23 billion for the same period.
The BOC attributed its collection performance to its higher rate of assessment, which is mainly due to improved valuation of non-oil importation.
“We will continue to uphold our commitment to transparency, accountability and service excellence as we strive to meet our revenue targets and contribute to the growth and development of our country,” Customs Commissioner Bienvenido Rubio said.
The BOC said it remains optimistic on achieving its revenue target for the rest of 2023.
