Customs' income from oil up 23% in first 5 months

ABS-CBN News

Posted at Jul 25 2011 04:10 PM | Updated as of Jul 26 2011 12:10 AM

MANILA, Philippines - The government's income from petroleum and oil-based products grew 23% in January to May due to skyrocketing prices in the world market.

Data from the Department of Finance showed duties collected by the Bureau of Customs on imports of crude oil and petroleum products reached P30.326 billion in the first five months of the year, against P24.659 billion in the same period last year. The latest figure accounted for 28.4% of total customs collections.

Duties imposed on crude oil alone amounted to P13.893 billion, up 41% year on year.

In May, however, import duties on oil products fell slightly to P5.35 billion from P5.43 billion last year.

Nonetheless, the improvement in customs collections at end-May brought their share of the country's gross domestic product to 0.15%, the highest in 11 years.

Finance Undersecretary Gil Beltran said the Philippines' second-largest tax agency was able to raise collections despite revenue-eroding tax measures passed by the previous administration. These include exemptions from the value-added tax and documentary stamp tax.