MANILA: The Bureau of Customs (BOC), the government’s second largest revenue agency, recorded a deficit of P9.1 billion ($194.7 million) in August, it’s highest ever since President Benigno Aquino III assumed office in 2010.
An initial collection report showed that the BOC generated P26.8 billion ($573.4 million) in revenue collection, which was way below its target of P35.9 billion ($768.2 million) for the month.
The low volume of imports was cited by the source of the report as the reason behind the revenue slump.
August, traditionally billed as a “ghost month,” was challenging for the bureau as businesses do not engage in much activity during the this period resulting in the lowest volume of shipments of any month so far this year.
Further adding to the BOC’s woes was the fact that it got the lowest rating of any government agency in an August Social Weather Stations (SWS) survey on businessmen’s perception of corruption.
The report was released in the aftermath of the controversy surrounding the BOC’s supposed plan to physically inspect balikbayan boxes which drew the ire of overseas Filipino workers (OFWs) and their families.
The source, however, said that the negative public perception on BOC had “nothing to do with the revenue collections.”
