BOC revenue growth streak continues for 10th straight month

MANILA, Nov. 24 (PNA) — The Bureau of Customs (BOC) posted an increase of 22.6 percent in its collection of over Php34 billion for the month of October as compared to the PhP27.86 billion for the same month in 2013.

In a statement, the bureau reported that it was the 10th straight month that its collection posted an increase this year.

From January to October 2014, the BOC said it collected Php299.95 billion, up by 18.6 percent from Php252.88 billion from a year ago.

It added that the ports of Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic and Aparri exceeded their collection targets for the 10-month period.

Batangas posted the highest collection with Php66.59 billion this year compared to Php51.87 Billion in 2013.

Likewise, the BOC said that cash collections, which net out importations booked as Tax Expenditure Funds, or non-cash collections recorded on paper for government transactions, grew 28.5% in October.

A 31.8% increase in import volume was posted due to the surge in consumer demand and clearing-out of shipments at the ports.

On the other hand, improvements in the Bureau’s processes and continued reforms resulted in a 34.4% growth in the valuation of goods and a 30.17% hike in duties and taxes collected. (PNA)