BOC logs highest collection of P862.9B in 2022

THE Bureau of Customs (BOC) ended 2022 with the highest annual revenue collection in history amounting to P862.929 billion, exceeding its target collection of P721.52 billion by 19.6 percent or P141.409 billion on its preliminary report.

The 2022 revenue collection performance showed an increase of 34.1 percent or P219.367 billion compared to the P643.562 billion revenue collection in 2021.

It was the first time in the BOC history that all ports exceeded their annual collection targets per the BOC Financial Service.

Port of Cebu performance

The BOC-Port of Cebu capped 2022 with a P42.876 billion revenue collection, up by 13.3 percent from its annual target of P37.843 billion, and posted the highest collected surplus of P5.033 billion in the port’s history.

The agency said it consecutively achieved its monthly targets since January. As early as November, the Port of Cebu surpassed its annual revenue target.

It also exceeded its December target by collecting P3.389 billion, adding to the surplus reserve.

Compared to its collection performance in 2021, the Port of Cebu posted a year-on-year growth of 33.08 percent or a P10.658 billion increase in revenues.

Moreover, BOC’s post-clearance audit group collected P1.840 billion in deficient customs duties, taxes, penalties, and interests as part of the 2022 BOC revenue collection, surpassing its 2021 collection of P1.522 billion by 21 percent and its target collection of P1.584 billion by 16 percent.

It also raised P292 million from public auctions of overstaying cargoes.

The public auction of seized, forfeited, or abandoned containers generated additional revenues for the government and decongested the ports of the bureau for more efficient trade facilitation.

The additional revenues included the P22.8 billion rice tariff collection of the BOC.

The Rice Tariffication Law helps consumers and farmers by lowering the retail prices of rice and providing assistance to farmers through excess tariff revenues.

Customs Commissioner Yogi Filemon Ruiz has warned unscrupulous individuals against smuggling and other forms of customs fraud as the bureau pursues to heighten its border protection efforts to combat revenue leakages and increase the collection of lawful revenues for the Philippine government. (KOC with PR)