MANILA: “It has set a new record for the highest ever single month collection in October. The agency recorded increases in its revenues for the 10th straight month”, reported The Bureau of Customs BOC expanding the collections to P34.16 billion ($759.17 million).
The agency said the hike in its collections was driven by the continued growth in the volume and value of imports. “A survey in consumer demand and clearing-out of shipments at the ports propelled a 31.8 percent increase in import volume,” the BOC said in a statement.
Also, BOC said improvements in its processes and continued reforms drove a 34.4 percent hike in the valuation of goods and a 30.17 percent hike in duties and taxes collected. BOC’s October revenues, however, fell short of its goal of P36.81 billion ($804.07 million) for the period.
Among the biggest ports in the country, only those in the provinces of Subic and Batangas in northern Philippines met and exceeded their targets for October.
Total revenues in January to October reached P299.95 billion ($6 billion), 18.6 percent higher than the agency’s collections in the same period last year.