The Bureau of Customs has set another milestone after achieving more than P42 billion in revenue collection last month, according to commissioner Isidro Lapena, noting that the bureau hit “the highest monthly collection in the agency’s history.”
Based on Financial Service initial report, Lapena says the agency improved its cash collection, beating the earlier P40.182 billion posted in September.
The bureau posted a total cash collection of P42.006 billion, achieving 98% of the target cash of P42.540 billion based on Budget of Expenditures and Sources of Financing (BESF).
Based on previous months, the average monthly collection of the BOC is only at P35 billion.
“Although the month of October was marked with lesser number of working days and volume of imports, growth was still achieved because of increase in the value of imports brought by the higher exchange rate, oil price, and improved valuation and classification,” Lapena bared.
He further notes, “slowly, the reforms we have started are gaining ground.”
It may be recalled that upon his assumption on August 30, one of his five priorities is to discontinue the benchmarking of duties and taxes and to strictly adhere to the WTO Valuation Code and classification of goods.
WTO Valuation provides a valuation system that primarily bases the Customs value on the transaction value of the imported goods, which is the price actually paid or payable for the goods when sold for export to the country of importation, with certain adjustments, which is incorporated in Section 700-706 of the Customs Modernization and Tariff Act.
According to the customs chief, the Bureau is presently coming up with a uniform application of the rules in valuation to provide a fair playing field among the stakeholders.
This is seen to boost confidence in the business sector which could lead to more investment and even more employment opportunities.
Also, the customs chief, at the start of his assumption, made it known to everyone in the bureau and among the stakeholders his top policy which is to stop corruption.
“No Tara” or no grease money policy was rolled out. This directive aims to shorten business processes and lower business costs.
Lapena says, “I believe that if there is difficulty and slow processes, people look for faster service, that’s why there is tara, and there will always be corruption. I am ensuring faster service and reduced requirements in doing business with the Bureau.”
“Our latest revenue performance only shows that if we work together, nothing is impossible,” he adds. (BOC-PR)
