The Bureau of Customs (BOC) Port of Subic has collected P26.9 billion as of October 25, already surpassing its 2019 revenue collection target of P24.728 billion.
BOC Subic, in a statement, said this is the first time in the past 26 years that the port has hit its annual collection target.
“As early as September, we already exceeded our target by P731 million. What we are collecting now is the excess,” BOC district collector Maritess Martin said.
She noted, however, that despite already hitting the full-year target, the port still needs to meet its assigned monthly targets.
Martin attributed the accomplishment to the influx of imported goods handled by the port, majority of which are oil shipments; the implementation of the Tax Reform for Acceleration and Inclusion Act which increased excise tax on certain products including fuel; and a higher exchange rate.
Last October 9, the port recognized its top 10 revenue contributors for September 2019, which included PTT Phils. Corp.; Insular Oil Corp.; Marubeni Phils. Corp.; Micro Dragon Petroleum, Inc.; Warbucks Industries Corp.; Cebu Air, Inc.; High Glory Subic Intl. Logistics, Inc.; Ecossential Foods Corp.; Goldenshare Commerce; and Phoenix Petroleum Phils. Inc.
