Revenue collection by the Bureau of Customs (BOC) from January to November 2014 grew at double-digit levels, hitting P331.171 billion, up 17.8% from P281.13 billion in the same period last year.
For November alone, collections amounted to P31.224 billion, 10.5% more than the P28.254 billion posted last year, on the back of improvements in valuation and assessment.
During the month, the volume of imported goods grew 26.3% as consumer demand peaked heading into the Yuletide season. However, BOC noted that the price of imported petroleum products, which account for about one-fourth of the agency’s total revenue, dropped. The value of motor vehicle imports, which comprises about 16% of total revenue, likewise declined as consumers shifted preference to compact, fuel-efficient sedans.
Of BOC’s 17 ports, Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic, and Aparri exceeded their collection targets for November.
Contributing the highest revenue collection is still the Manila International Container Port with P8.68 billion. Batangas port ranked second for the second month in a row with P7.54 billion, followed by the Port of Manila with 4.84 billion. Ninoy Aquino International Airport collected P2.69 billion, followed by Limay with P2.58 billion.
For December, BOC is tasked by the Development Budget Coordination Committee (DBCC) to collect P31.984 billion. For the full year, BOC has a collection goal of P408.1 billion.
Unrealistic target
Customs Commissioner John Phillip Sevilla, in a press conference, admitted that BOC will not hit the full-year target. He explained that as of December 18, revenue collection was about P350 billion, which meant the bureau needed to collect P58.1 billion during the six collection days left in the year to hit the target.
For 2015, BOC is tasked to collect P456 billion, but Sevilla said that he “(doubted) very much we’re going to hit it.”
He said next year’s target is about 27% higher than what he expects BOC’s actual collection for 2014 would be, and said he already told DOF and DBCC that the 2015 target was “impractical and unrealistic.” – Roumina Pablo
Image courtesy of digitalart at FreeDigitalPhotos.net
