Revenues collected by the Philippine Bureau of Customs (BOC) in January 2016 increased 5.2% to P30.9 billion from P29.4 billion in the same period last year but were 21.1% short of the P39.2-billion target for the month.
In a press statement, BOC said its collection effort was “adversely affected by the 41.2% drop in the weighted average price of crude and petro products, resulting in the decline of oil import value by 18.7% despite an increase in volume of oil imports by 8.4%.”
Collection from oil imports reached P3.9 billion, 14.6% less than last year’s P4.6 billion.
“It is also important to note that non-dutiable value of imports due to free trade agreements, import promoting agencies and other special laws compose 70% of the total value of imports,” BOC financial services director Cecile Soriano said.
The agency said preliminary figures showed that both volume and value of imports grew, by 19.5% and 13.5%, respectively.
The volume and value of non-oil imports improved 23% and 17.2%, which produced an 8.9% growth in collections to P26.9 billion from last year’s P24.7 billion.
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