Collections by the Bureau of Customs (BOC) in the second quarter of the year were likely higher than the P86.35 billion collected in the same quarter a year ago but still fell short of the agency’s target, according to outgoing Customs Commissioner Alberto Lina.
Customs collection in the second quarter of 2015 hit P86.35 billion, but 12.62 percent below target.
“It was high for the second quarter  not from the target, but over the actual,” Lina said in a media roundtable with reporters
In the latest cash operations report of the Department of Finance, BOC collections for the first quarter of 2016 contracted 2 percent to P90.5 billion and missed the collection target of P116.6 billion by 22 percent, a slump largely attributed to persistent low oil prices.
Lina said the lifting of bank secrecy law on import duties will boost the agency’s collection and may eventually push to hit the target collections.
“It can [hit the target]. I think the target will be hit if bank secrecy on imports will be waived,” Lina said.
The government has set the collection target at P498.7 billion for the agency this year.
Lina said that the import valuation system and 24-by-7 monitoring also need to be strengthened to boost revenue collection.
Customs, next to the Bureau of Internal Revenue, is one of the largest revenue-collecting agencies of the government.