The Philippine Bureau of Customs’ (BOC) collection for August missed the target by 21% to P22.22 billion, as a result of floods and the long holidays.
BOC said the reduced number of workdays brought about by monsoon rains which left 80% of Metro Manila underwater in early August and the two consecutive long weekends took their toll on collection.
Cash collection in August totaled P21.67 billion, 21.2% lower than the target of P27.72. Revenues from the tax expenditure fund, paper revenues from imports of other government agencies, amounted to P558 million, down 14% from the P645-million goal.
Compared to August 2011, the latest revenues were higher by 0.3% or P75 million.
From January to August, revenues hit P190.04 billion against the target of P226.75 billion, reflecting a deficit of P36.04 billion.
The latest eight-month take was 10% higher than the P171.99 billion collected in the same period in 2011.
Figure with falling chart by ddpavumba
Free image courtesy of FreeDigitalPhotos.net
