THE Philippine government cut by 13% and 13.7% respectively the Bureau of Customs’ (BOC) cash revenue collection target this year and next due to slow economic activity, inflation, and the strong peso.
The Development Budget Coordination Committee reduced the agency’s goal this year to P278 billion from P320 billion, and next year’s to P315 billion from P365.1 billion.
The target for the tax-expenditure fund or paper revenues derived from imports of other government agencies, however, stands.
In September, the BOC collected P20.2 billion, 23% lower than its P30.165-billion target. The figure is, however, higher by P4 billion compared to last year’s total.
Based on the latest consolidated figures for the first eight months of the year, the BOC posted a collection shortfall of P24.24 billion.
Earlier, the BOC said it could only collect P295 billion for 2011, with P30 billion already down the drain due to the country’s compliance to free trade agreements and appreciation of the peso.
Newly installed Customs commissioner Rozzano Rufino Biazon said he is optimistic revenue figures will improve toward the end of the year, a traditionally busy time for shipments.
Photo by Jose Javato
