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March 02, 2024

Nearly all customs collection points report higher than target collection 

The Bureau of Customs surpassed its February 2022 target collection by 17.4 percent or P8.734 billion and actually collected P59.036 billion against target collection of P50.302B.

A preliminary report from the BOC show 14 of the seventeen collection districts exceeded their target for the month that include the Port of San Fernando, the Port of Manila, the Manila International Container Port, Batangas, Iloilo, Cebu, Tacloban, Cagayan de Oro, Zamboanga, Davao, Subic, Clark, Aparri, and LImay

The BOC collected P117.524 billion since January, reflecting 17.3 percent of the 2022 annual target collection based on the initial report.

This performance continues to highlight the bureau’s sustained and positive monthly collection attributed to the improved valuation and intensified collection efforts of all the ports.

Customs commissioner Rey Leonardo Guerrero commended the efforts of the district collectors and the men and women of the BOC who, despite the risk to their health and safety, showed their unwavering commitment and dedication to service.

The bureau also shielded its border security measures from undervaluation, misdeclaration and other forms of technical smuggling, and collect lawful revenues.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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