MANILA: The Bureau of Customs (BoC) missed its collection target for a 22nd straight month in November even as its haul grew at double- digit pace, prompting the agency’s head to concede that the full-year goal will not be met.
The BoC data showed collections in November amounted to P31.224 billion, 10.5% more than last year’s P28.254 billion but still 16.4% short of the bureau’s P37.328-billion target for the month.
Cash collections, which exclude tax subsidies for state imports like rice that are booked as Tax Expenditure Funds, also climbed by 10.5% last month.
Of the country’s 17 collection districts, 11 missed their targets for November, including the Manila International Container Port and the Port of Manila. During the month, the volume of imported goods jumped 26.3 percent as consumer demand peaked for the yuletide season.
However, the price of imported petroleum products, which accounts for about one-fourth of the BOC’s revenues, continued to drop.
The price of oil has fallen by more than 40 percent since June from $115 a barrel after the Organization of Petroleum Exporting Countries, which controls nearly 40 percent of the world market, failed to reach agreement on production curbs.
The value of motor vehicle imports, which comprises about 16 percent of total revenues, likewise declined as consumers shifted preference to compact, fuel-efficient sedans.
Meanwhile, the ports of Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic and Aparri exceeded their collection target for the period.
From January to November this year, the Bureau’s collections amounted to P328.96 billion, up 17 percent year-on-year.
The Manila International Container Port was the biggest contributor to BOC’s total revenues, chipping in P89.95 billion or 27.3 percent.
The Port of Batangas was the second major revenue driver contributing P74.13 billion to total revenues.
For December alone, the BOC is programmed to collect P31.98 billion. The Bureau is eyeing P408.1 billion in total collections for the whole year.
