The Bureau of Customs (BOC) continued its two-digit growth streak into May with revenue collections rising 11% but falling short of the target set for the month.
BOC posted revenue of P28.81 billion in May, up 11% from P25.92 billion recorded in the same period last year. The latest figure is, however, still 18% lower than the P35.09 billion target for the month as import volumes declined.
Import tonnage dropped 6.9% last month compared to the same month last year, dragged down by reduced importation of crude oil and oil products, alcohol products, computers, electronic devices, industrial machinery, mineral products, as well as paper and pharmaceutical products.
Despite sluggish importation, cash collections from BOC operations reached P28.53 billion in May, up 10% year-on-year, as the average value declared by importers grew 24%, resulting in a 15.54% rise in valuation and 12.4% hike in duties and taxes paid.
“Looking beyond the revenue target, our collection efficiency is improving as we enhance our reference valuation figures and improve enforcement of customs policies and procedures, surveillance and apprehension of smuggled goods,” Customs Commissioner John Phillip Sevilla said in a statement.
“As we sustain process improvements, equip our people with better ICT tools and continue plugging sources of revenue leaks, we expect collections to become better,” Sevilla added.
For the period January to May 2014, revenue rose 20% year-on-year to P146.07 billion from P121.88 billion, while total import volume reached 28 billion kilograms, up 4.37% year-on-year.
Still contributing the lion’s share were the Manila International Container Port (MICP), Port of Manila, and Batangas Port. MICP collected a total of P8.15 billion, while Batangas outperformed the Port of Manila with P6.18 billion and P5.74 billion, respectively.
However, only the ports of Subic, Cebu, and Davao exceeded May targets.
Revenue collections from Subic grew 45% to P1.07 billion in May, while those from Cebu and Davao totaled P1.16 billion and P836 million, respectively.
For June, the BOC is tasked to collect P33.29 billion by the inter-agency Development Budget Coordination Committee.
