Customs misses revenue target in June

Categories: Business Updates

Date Posted: 22 Jul 2014

The Bureau of Customs (BOC) – the government’s second largest revenue-generating agency – failed to hit its revenue goal in June despite a 17.5% year-on-year growth.

BOC was able to collect P27.33 billion ($630.45 million*), last month, higher than the P23.25 billion ($536.33 million) generated a year ago, the bureau said Monday, July 21.

However, it missed its June target of P33.29 billion ($767.9 million).

The January-June revenues, mainly import duties collected from importers, were P25.5 billion ($588.20 million) lower than the P198.95 billion ($4.59 billion) goal for the 6-month period.

10 ports miss their target

Out of 17 ports, 10 of those failed to meet their respective targets for last month, BOC date showed.

The Manila International Container Port was only able to collect P7.34 billion ($169.30 million) in June, lower than the goal of P9.4 billion ($216.83 million).

The Port of Manila and the Ninoy Aquino International Airport (NAIA) also failed to meet their targets, as the ports generated P4.55 billion ($104.95 million) and P2.44 billion ($56.28 million) respectively.

The Port of Manila targeted a June revenue of P6.93 billion ($159.85 million) and P2.89 billion ($66.67 million).

The oil ports of Limay and Batangas also underperformed last month.

The Port of Limay’s collections amounted to P3.26 billion ($75.22 million), slightly lower than the P3.56 billion ($82.13 million).

Meanwhile, the Port of Batangas has a target of P6.06 billion ($139.81 million), but actual revenues amounted only to P5.66 billion ($130.60 million).

Other ports which posted shortfalls in June include San Fernando, Legaspi, Clark, Tacloban, and Surigao.

Surpassing targets

On the brighter side, the ports of Iloilo, Cagayan de Oro, Subic, Aparri, Cebu, and Davao closed mid-year ahead of their collection targets, on the back of improved economic activity and on-ground reforms, the agency said.

The port of Iloilo’s collection reached P133.8 million ($3.09 million), versus its target of P68.5 million ($1.59 million).

Subic posted a total of P1 billion ($23.09 million), above from its target of P694.8 million ($16.04 million).

Aparri reached P329.3 million ($7.6 million), far exceeding its P25.8 million ($595,325) target.

Meanwhile, the port of Cebu collected P1.02 billion ($23.53 million), as against to its P1.01 billion ($23.30 million) target.

The port of Davao in Mindanao also exceeded its P623 million ($14.39 million) target with its P811.5 million ($18.72 million) collection.

Meanwhile, from January to June, the Bureau of Customs generated P173.4 billion ($4 billion) in revenue, 19.5% higher than the P145.13 billion ($3.35 billion) collected from the same period last year.

However, it is also below the 2014 first half goal of P198.95 billion ($4.59 billion).

For July, the BOC is programmed to collect P35 billion ($807.4 million) by the inter-agency Development Budget Coordination Committee. – Rappler.com

*$1=P43.34

 

Source: http://www.rappler.com/business/63950-customs-misses-revenue-target-june-2014

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