SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – The Bureau of Customs (BOC) generated P304.5 billion revenues in 2013, 10.44% lower than its target of P340 billion, the agency said in a statement Friday, February 28.
The figure however was 5.1% higher than its P289.9 billion collections in 2012.
The bureau is optimistic about its 2014 collections following a series of reforms to curb corruption and improve operational efficiency. (WATCH: Sevilla: Fixing the Customs’ image)
“The surge in the growth trajectory in the last quarter of 2013, which broke the trend growth of 5% in the first three quarters, indicates that the President’s Customs Reform Program implemented in October 2013 is beginning to bear fruit,” said BOC Commissioner John Sevilla.
Sevilla added, “With vigorous and continuous systemic reforms, we are confident that the Bureau can become a greater contributor to government coffers and become a more reliable and credible partner in nation-building and economic growth. We are hopeful that the momentum will be carried over in 2014.”
For December alone, BOC said customs collections reached P23.8 billion, with 99.86% of which was derived from actual cash collections. This showed a 19.3% annual growth, the highest for 2013. Tax Expenditure Fund collections – which are non-cash collections recorded on paper for government transactions – reached P2 million in December. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.