The Philippine Bureau of Customs (BOC) missed its July collection by 24.2%, taking in P23.823 billion vis-à-vis the target of P31.441 billion.
The July collection comprises only cash revenues. There was no contribution from the tax expenditure fund (TEF) or payment from government imports. The TEF target for July was P721 million.
Compared to the target of P30.720 billion, July cash collections were short by 22.5%.
Year-on-year, however, the latest monthly take is 11.9% higher from July 2011’s P21.284 billion.
“I already issued a letter to all collectors asking them to explain why their collection is so low. This is the first time I did this because this is also the first time that I saw that the trend in collection is downwards. I am really concerned,” Customs commissioner Rozzano Rufino Biazon said.
The Cebu collection district responded that it experienced a 31% drop in dutiable volume.
From January to July, collections amounted to P167.250 billion, down 15.8% from the comparable period’s target of P198.616 billion.
For the seven-month period, cash collection was also lower by 14.2% to P166.563 billion from the P194.061 goal.
The TEF dipped 84.9% from the target of P4.555 billion to P688 million.
The seven-month figure is also 11.6% less than P149.841 billion reported last year.
Money Target by jscreationzs
Image courtesy of freedigitalphotos.net
