BoC target raised by P7 billion following latest DBCC meeting

THE Bureau of Customs (BoC) said its revenue target has increased by around P7 billion following the latest Development Budget Coordination Committee (DBCC) meeting.

“They considered all collection efficiencies, inflation, the usual,” BoC Commissioner Ariel F. Nepomuceno said at a forum organized by the European Chamber of Commerce of the Philippines.

The Palace said on Monday that the DBCC has revised its macroeconomic assumptions, though the updated figures have yet to be released.

The P7 billion adds to the P1.003 trillion previous target.

Mr. Nepomuceno said that the agency is running about P11.3 billion ahead of target in the first five months.

“Between Jan. 1 this year and today, we were able to establish a record-breaking surplus of P11.3 billion,” he said.

“When you reform the bureau, we collect more,” he added, attributing the performance to the BoC’s strict assessments and counter-checking of declarations.

“We are coming from an environment of distrust so you still have to do a lot of checks and balances. We are doing that… we have mechanisms to countercheck what’s being declared,” he added.

The bureau has officially reported total collections of P328.81 billion in the first four months, against the P314.66-billion target for the period. It has yet to officially report collections for the first five months.

Meanwhile, he said the BoC is poised to roll out the first phase of the Customs Processing System next year. — Justine Irish D. Tabile