Customs misses revenue target in August
MANILA, Philippines – The Bureau of Customs (BOC) missed its August target of P34.4 billion ($763.97 million),* as it hit only P29.06 billion ($648.02 million).
BOC said though that the revenue generated in August exceeded by 11% the P26.09 billion ($581.75 million) collected in the same period last year.
Four out of the 5 billionaire ports in the country failed to hit their respective goals for August, dragging the overall collection performance for the month, data from the BOC showed.
The BOC attributed August’s lackluster performance to the “ghost month” or a slack in business activity, particularly from many Asian economies, as well as the congestion of ports in Manila.
The Port of Manila, in particular, was able to generate only P4.5 billion ($100.38 million) versus the P7-billion ($156.15-million) target for August. The Manila International Container Port also failed to hit its P9.5-billion ($211.91-million) target with revenue of P8 billion ($178.45-million).
Both ports were affected by the Manila truck ban. Importers avoided the Port of Manila and the Manila International Container Port due to the congestion, redirecting their shipments to other ports outside Manila, the BOC said.
From January to August 2014, revenue collections at the Manila International Container Port reached only P63 billion ($1.40 billion) versus the BOC’s target of P76.5 billion ($1.70 billion), data showed.
Collections at the Port of Manila also failed to hit P56.5 billion ($1.25 billion), versus the P40.9 billion ($908.33 million) actual collection in the same period.
The BOC collected P103.9 billion ($2.31 billion) from the two ports, substantially below its target of P133 billion ($2.95 billion).
Collections at the ports of Batangas and Subic, both tapped by the Philippine Ports Authority as alternate harbors for shipment, picked up with a combined actual collection of P59.4 billion ($1.32 billion), exceeding their target of P54.9 billion ($1.22 billion).
Only the billionaire port of Batangas was able to exceed its August target of P6.1 billion ($136.06 million), with collections amounting to P7.2 billion ($160.61 million), a 42% year-on-year growth.
The Ninoy Aquino International Airport also missed its revenue target of P2.9 billion ($64.7 million), with collections amounting to P2.2 billion ($49.07 million). The oil port of Limay was able to collect only P3.2 billion ($71.4 million), as against the goal of P3.6 billion ($80.3 million).
President Benigno Aquino III cited the BOC in his 2014 State of the Nation Address for collections that increased by 22%, equivalent to P117 billion ($2.61 billion), from January to April 2014.
For September 2014, the BOC is programmed to collect P34.6 billion ($771.81 million) by the inter-agency Development Budget Coordination Committee. – Rappler.com