The Philippine Bureau of Customs (BOC) posted another collection shortfall in May, further widening to 13% the year’s deficit.
The shortfall marked the 14th consecutive month BOC missed its target. The last time it hit its goal was March 2011.
From January to May, BOC took in P119.71 billion compared to the target of P137.71 billion.
For May alone, collections amounted to P24.75 billion, P3.59 billion short of the P28.34-billion goal.
Compared to the same month last year’s P21.83 billion, the May 2012 figure was however higher by P2.92 billion.
The BOC earlier said the target collection of P346.41 billion assigned it for the year was too high considering the volatile economic conditions. The figure is 8% higher than the 2011 goal of P320 billion.
Customs commissioner Rozzano Rufino Biazon said the task is a huge challenge especially since cargo volume is not keeping pace with the projected growth in collections.
Business Regression by vichie81
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