BOC revenues grow 17.5% in June 2014

By Ferdinand G. Patino

MANILA, July 21 (PNA) — The Bureau of Customs (BOC) has collected P27.33 billion for the month of June 2014, up by 17.5% compared to the revenue posted the same month last year.

Based on the report from the Bureau of the Treasury, the cash collections — those generated from BOC operations net of the Tax Expenditure Fund (TEF), or paper transactions from government importations — grew 17% to P27.28 billion.

Month on month, there was an increase in the total collection growth from 11.1% in May 2014 to 17.5% in June 2014.

Last month’s actual collection was recorded at P27.327 billion, or P4.074 billion higher from last year’s actual revenue at P23.253 billion. This year’s goal is P33.292 billion.

From January to June 2014, the total revenues reached P173.4 billion, higher by P28.27 billion or 19.5% year on year.

The BOC reported that the Ports of Iloilo, Cagayan de Oro, Subic, Aparri, Cebu and Davao closed mid-year ahead of their collection targets, on the back of improved economic activity and on-ground reforms.

For July 2014, the bureau is programmed to collect P35 billion by the inter-agency Development Budget Coordination Committee (DBCC). (PNA)