The Philippine Bureau of Customs’ October collection amounted to P26.807 billion, 10.4% short of its target of P29.930 billion due to non-collection of the tax expenditure fund (TEF).
The TEF target for October was P679 million.
The latest figure – all from cash collections is, however, higher by 17.4% compared to Oct 2011’s actual take of P22.842 billion.
The October cash collection was lower by 7.3% against the goal of P28.930 billion but 23.3% more than actual year-on-year cash revenue of P21.742 million.
From January to October, the BOC fell short of its target of P286.658 million by 16.1%, bringing in only P240.462 billion. The latest figure is, however, 10.6% higher than the year-on-year revenue of P217.450 billion.
Cash collection for the ten-month period of P236.736 billion was also 15.4% below the P280.084-billion goal and also less than the actual revenue of P213.823 billion.
The TEF for the same period in review of P1.726 billion was 73.7% short of the target of P6.574 billion and also less than the actual TEF take of P3.627 billion.
Customs commissioner Rozzano Rufino Biazon recently reiterated his call for lower BOC collection targets not only for this year but also for next.
The BOC’s 2012 revenue goal is P347 billion. The ten-month collection figure suggests the agency will more than likely miss its target.
Next year’s goal is P397 billion.
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