BOC Commissioner Isidro “Sid” Lapeña announced that the BOC hits the “highest monthly collection in the agency’s history.”
The newly-installed BOC Commissioner noted that based on Financial Service Initial Report, the agency improved its cash collection, beating an earlier P40.182 billion posted last September 2017.
Commissioner Lapeña revealed that the BOC posted a toal 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 records from 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.
During the assumption of Commissioner Lapeña last 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.
Source: PTV News