MANILA, Philippines - The Bureau of Customs exceeded its collection target by nearly 20 percent in December 2014.
In a statement, Customs said its revenues reached P38.142 billion in December, P6.158 billion more than its collection target of P31.984 billion.
However, it failed to meet its December goal for cash collections, which reached P27.13 billion, 10 percent lower than the target of P30.27 billion. It was 14 percent higher than cash collections in December 2013, despite the drop in the value of crude and petroleum products by 38 percent and 23 percent respectively due to the lower oil prices.
Customs said tax expenditure funds surged 542 percent to P11.02 billion in December, due to the collection of P11.012 billion in government accounts, mostly NFA importations.
While the bureau showed double-digit growth for the entire year, it still failed to meet its full-year collection goal.
The BOC collected P369.31 billion in revenues in 2014, 9.5 percent lower than the goal of P408.097 billion. However, this was still 21 percent higher than the P304.926 billion collected in 2013.
The ports of Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic and Aparri exceeded their collection target for the year 2014.
This year, the BOC's collection target is set at P456.468 billion, with P446.468 billion as cash component.