MANILA, Philippines - The Bureau of Customs failed to meet its collection target of P340 billion for 2013.
In a statement, the BOC said it generated P304.5 billion in revenues for 2013, as it implemented reforms and improvements in operational efficiencies in the fourth quarter. This was 5.1% higher than the P289.9 billion collected in 2012.
In December alone, Customs said its collections hit P23.796 billion, of which 99.86% were derived from actual cash collections. Actual cash collections surged 19% in December, the fastest pace in 2013.
"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. 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,” said Customs Commissioner John Sevilla.
Collections from the Tax Expenditure Fund (TEF), which are non-cash collections recorded on paper for government transactions, reached only P2 million in December.
For November and December, actual cash collections grew 19%, which brought total cash collections for 2013 to P302.13 billion.
For 2014, the BOC's collection target is P408.1-billion.