Metro Manila (CNN Philippines, July 5) — The Bureau of Customs (BOC) breached its revenue target in the first six months of 2023 despite weaker import volume.
In a statement Wednesday, the BOC said total collection for the period reached ₱434.169 billion, over 3% higher than the collection goal.
For June alone, collections hit ₱74.861 billion.
“The increase in revenue was achieved despite the challenges in importation volume, which is negative 2.8% this year for high-value commodities,” the BOC said.
“Furthermore, although the volume of oil increased by 9.9% this year as compared to last year, the revenue from said commodity declined due to decreasing value of oil in the world market—from as high as $1.1 per liter in June 2022 to just $0.63 per liter average this month,” it added.
The agency’s anti-smuggling efforts, meanwhile, resulted in the seizure of shipments worth ₱23.8 billion, the bulk of which (₱15.54 billion) were counterfeit goods.
