PERTH: The Bureau of Customs (BOC) missed its October collections target, noting lower revenues at 12 out of 17 major ports. Preliminary data showed the bureau netted P31.8 billion last month, below the P42.97-billion goal. The take was also 7 percent lower compared to the P34.2 billion recorded a year earlier.
In a statement, the bureau said many ports had missed their targets as of the third week of October, particularly those in Manila and Batangas which missed by 30 percent and 22 percent respectively.
Year to date, collections are also behind target at P299 billion, short of the P355.95-billion goal. The bureau blamed the Port of San Fernand, which was 30 percent behind target, as well as the Port of Limay, which is lagging by 50 percent.
Customs Commissioner Alberto Lina said he was optimistic that collections would pick up, noting an “ongoing influx of shipments for the holidays.” “We are closely monitoring valuations on oil, steel and rice. The bureau is also looking at speeding up public auction of forfeited goods,” he added.
So far, MICP [Manila International Container Port] has registered P333 million from auctions from year to date,” Lina noted. The Customs bureau has been assigned a P436.5-billion target for 2015. It failed to meet its P408-billion goal last year, only netting P369 billion.
For 2016 the bureau has been tasked to collect P498.7 billion, but Lina said they might consider asking for a lower target because of subdued oil prices. The Customs chief claimed that to date, the bureau has lost some P50 billion to P70 billion due to low oil prices.
Source: Manila Times
