THE Bureau of Customs (BOC) surpassed its May collection target by at least P300 million, thanks to strong import volumes.
Based on preliminary figures, last month’s collection amounted to P23.665 billion against the bureau’s P23.365-billion target.
Customs commissioner Napoleon Morales said the final figure is expected to increase even further when reports from other ports come in.
From January to May, the BOC took in P5.82 million more than its P101.19-billion goal.
Most of the May collection was accounted for by ports using the electronic-to-mobile system — Limay, Batangas, the Manila International Container Port, the Port of Manila, Ninoy Aquino International Airport, Cebu-Mactan International Airport, Davao and Zamboanga.
The Tax Expenditure Fund from the National Food Authority contributed P5.57 billion to the preliminary monthly total or 50.5% greater than the programmed P3.7 billion.
For 2010, BOC’s target is P275.68 billion. The bureau has so far registered a collection surplus for all five months of the year except in February.
Next year, the BOC’s goal is 21% higher at P333.1 billion. The target is based on an import growth rate of 17% to $63.5 billion, Dubai oil price of $75 per barrel and peso-dollar exchange rate of P45 to $1.
