THE Port of Manila (POM) surpassed its 2011 collection target, registering a P3.52-billion surplus, up 7% over its P50.2-billion target.
Cash collections accounted for P53.72 billion of the total.
POM district collector Rogel Gatchalian said last year's take was 18% higher than 2008's and 38% more than 2009's.
"We achieved a surplus collection despite various external factors such as the implementation of various free trade agreements that reduced tariff rates on oil, steel, motor vehicles, semi-conductors and electronics," Gatchalian said.
"The accomplishment of POM was made more remarkable by the fact that the target of the port was even increased during the fourth quarter by P1.65 billion, or 33% of the P5-billion total target increase of the (customs) bureau."
A more liberal trading environment and reduced tariffs particularly on oil imports pushed POM's foregone revenues to P8.39 billion in 2011 compared to the previous year's P4.41 billion.
POM's Formal Entry Division, which accounts for two-thirds of the district's entire collection, exceeded its annual target of P38.38 billion by P1.1 billion, taking in P39.48 billion.
The Valuation and Classification Review Committee also resolved 560 cases generating P96.51 million in additional revenues for 2011.
In addition, 81 demand letters were issued to various surety companies to settle or liquidate their outstanding accounts with the Bureau of Customs representing unpaid duties and taxes amounting to P157.3 million.
Aside from POM, ports that met their target include Surigao, Cagayan de Oro, Davao, Subic Bay and Clark Field.
