MANILA – The Bureau of Customs (BOC) again missed its revenue collection target for November, despite experiencing double digit growth during the period.
BOC said its total revenues reached P31.22 billion in November, up 10.5 percent compared to the same month last year on the back of improvements in valuation and assessment.
However, the figure was 16.4 percent or about P6 billion short of the P37.33 billion target for the month.
The volume of imported goods also grew 26.3 percent as consumer demand peaked for the holiday season.
However, the BOC saw a drop in the price of imported petroleum products, which accounts for about one-fourth of revenues.
There was also a decline in the value of motor vehicles imports, which comprises about 16 percent of total revenues, as consumers shifted preference to compact, fuel-efficient sedans.
The ports of Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic and Aparri have exceeded their collection target for the period while the ports of Manila, Clark, San Fernando and Legaspi missed their respective targets.
From January to November 2014, the BOC collected P331.17 billion, up 17.8 percent year-on-year.
The BOC is programmed to collect P31.98 billion in December. For the full year, the agency has a collection goal of P408.1 billion.