Metro Manila (CNN Philippines, September 14) — The government’s taxes and customs duties collections surpassed the ₱1.527-trillion target for the January to August period, the Finance Department reported.
The Bureau of Internal Revenue and the Bureau of Customs raked in ₱1.636 trillion within the period, the department said in a statement over the weekend. The amount is higher by ₱109.5 billion, or over seven percent than the target set by the Development Budget Coordination Committee.
The DBCC revised their collection goal in July due to the global economic downturn triggered by the coronavirus pandemic.
The BIR collected ₱1.289 trillion from January to August, over 8 percent or ₱96.44 billion more than its ₱1.192-trillion target for the period.
Customs, meanwhile, hauled in ₱347.6 billion during the same period, an amount 5.13 percent or ₱16.97 billion higher than its ₱330.63-billion target for January to August.
Both bureaus posted bigger growths in August, effectively surpassing their targets for the month.
The BIR collected ₱172.06 billion in August, which is 45.5 percent or ₱53.87 billion higher than its target. The BOC meanwhile earned ₱44.59 billion, exceeding its collection goal by ₱33.68 billion, or nearly 32.6 percent.
Together, the agencies collected ₱216.65 billion, nearly 40 percent or ₱61.38 billion higher than the ₱155.27-billion goal set by the DBCC.
The Finance Department said these feats were achieved despite Metro Manila and nearby provinces being placed under a two-week modified enhanced community quarantine in mid-August, temporarily slowing down the pickup in economic activity in these areas.
