Customs misses revenue target in July


Posted at Sep 01 2014 01:34 PM | Updated as of Sep 01 2014 09:34 PM

MANILA, Philippines – The Bureau of Customs (BOC) again missed its revenue target for July 2014 despite a 9 percent increase compared to revenues generated in the same month last year.

BOC said its total revenues for July this year increased to P30.46 billion from P27.95 billion in the same month of last year.

However, BOC still missed its collection target of P35 billion for the month.

The agency also missed its revenue collection goal in June.

BOC said that its average daily collection improved to P1.44 billion from P1.2 billion in July last year.

“Despite operational disruptions brought by Typhoon Glenda and congestion at the Port of Manila and the Manila International Container Port—the country’s largest ports in import volume and revenues, average daily collection improved to P1.44 billion, versus P1.2 billion in July 2013. Both months had 21 working days,” the agency said.

BOC saw a surge in revenues from Luzon ports, which include Batangas, Subic and Limay, of an average of 26 percent, while ports in the Visayas and Mindanao posted average revenue collection growth of 18 percent and 11 percent, respectively, driven by the economic expansion in Cebu and Davao.

Revenues in Metro Manila, the Port of Manila, Manila International Container Port and the Ninoy Aquino International Airport, which account for a bulk of BOC’s total revenues, were flat year-on-year despite the continuing congestion at the ports.

From January to July, revenue collections by the BOC surged 18 percent year-on-year to P203.86 billion on the back of continued improvements in valuation as well as a marginal increase in the volume of imported goods.

However, the 7-month collection fell short of the target of P234 billion. The agency is tasked to collect P408 billion for the year.

For August 2014, the BOC is programmed to collect P33.5 billion.