REVENUE collections by the Bureau of Customs (BOC) exceeded the target for June by 4.2 percent, and were up by 14.3 percent from a year earlier.
The BOC raked in P31.23 billion last month or P1.26 billion higher than the target of P29.97 billion, official data released Tuesday showed.
“This is only the second time this year that the BOC exceeded its monthly cash target. With the support of our men and women in the bureau, I trust the Aquino administration’s reforms will result to reaching our monthly targets consistently,” said Customs Commissioner Alberto Lina.
Compared with the year earlier collections of P27.33 billion, the June 2015 figures were up by P3.90 billion.
“Based on preliminary E2m and collection district reports, revenues generated by the BOC in June were derived purely from cash collection, which refers to duties, taxes and fees collected from goods that entered through the customs ports nationwide,” the bureau said.
Cash collections generated from BOC operations, net of the Tax Expenditure Fund (TEF), or paper transactions from government importations, grew by 14.3 percent or P3.9 billion year-on-year.
The BOC said the collections were driven by the higher volume of imported goods—up 19.3 percent—and a 1.6 percent improvement in the value of imports.
Up by P5.9 billion or 29.1 percent, the volume and value of non-oil imports grew by 26.5 percent and 8.8 percent.
But the volume of imported crude oil and petroleum products decreased by 3 percent.
The BOC has missed its collection goals for the first six months of 2015. Cumulative collections from January to June grew by 2.9 percent to P178.36 billion from a year earlier, or 11.8 percent short of the P202.19 billion target for the period.