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September 24, 2023

BOC collections hit P65.7B in April, P10.8B higher than target

The collections of the Bureau of Customs (BOC) reached P65.7 billion in April, about P10.8 billion higher than the target on improved valuation, intensified enforcement against illegal importations as well as compliance by traders to customs laws.

Based on the preliminary report from the BOC-Financial Service, 14 out of the 17 collection districts hit their respective targets.

These include the Ports of San Fernando, Port of Manila, MICP, Batangas, Legaspi, Iloilo, Cebu, Cagayan de Oro, Zamboanga, Davao, Subic, Clark, Aparri, and Limay.

Customs commissioner Rey Leonardo Guerrero commended the efforts of the men and women of the bureau who showed their commitment and dedication to government service.

Last March, the BOC recorded its highest monthly revenue collection in history with P70 billion.

The BOC is the second largest revenue-generating government agency next to the Bureau of Internal Revenue.

For the past two years, the agency surpassed its annual target collection by 6.23 percent in 2021 and 4.35 percent in 2020 amid the COVID-19 pandemic.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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