BOC surpasses collection target in February by P4B

The Bureau of Customs (BOC) has exceeded its collection target for the month of February on the back of improved assessment and trade facilitation efforts.

In a statement on Tuesday, the BOC said its revenues last month stood at P70.601 billion, 6.64% higher than its goal of P66.207 billion.

The Customs’ year-to-date collection amounted to P10.444 billion, exceeding its two-month target by 7.82%.

The bureau attributed its higher-than-target revenue performance in February to a higher assessment rate due to an improved system of determining the customs value of imported goods.

Moreover, it said that enhanced strategies and technological advancements allowed the agency to optimize its procedures and trade facilitation efforts.

The Customs added that it also bolstered its border protection and anti-smuggling campaign.

For this year, the BOC was tasked with collecting nearly P1 trillion. —VBL, GMA Integrated News