MANILA, Philippines - Revenues generated by the Bureau of Customs went up by 11 percent but were still below target due to lower imports.
In a report, the BOC said its collections amounted to P28.81 billion in May, 18 percent lower than the P35.09 billion target.
Revenue growth slowed down in May compared with April’s 13.4 percent expansion due to a drop in the value of goods imported by the country.
Volume of imports fell 6.9 percent last month, dragged down by reduced importation of crude oil and oil products, alcohol products, computers, electronic devices, industrial machinery, mineral products as well as paper and pharmaceutical products.
However, despite sluggish importation, cash collections from BOC operations rose 10 percent year-on-year to P28.53 billion as the average value declared by importers expanded by 24 percent resulting in a 15.54 percent rise in valuation and 12.4 percent hike in the amount of duties and taxes paid.
From January to May 2014, revenues grew 20 percent to P146.07 billion. Total import volume likewise went up 4.37 percent to 28 billion kilograms.
Based on the report of the Bureau of Treasury, the Ports of Subic, Cebu and Davao showed positive revenue traction amid increased economic activity.
Revenue collections from Subic jumped 45 percent last month to P1.072-billion while collections from Cebu and Davao amounted to 1.16 billion and P836 million, respectively.
Since Commissioner John Philip Sevilla assumed office in December, the BOC has seen a sharp increase in collections as result of the implementation of wide-ranging reforms aimed at shedding the agency’s tainted image.
“Looking beyond the revenue target, our collection efficiency is improving as we enhance our reference valuation figures and improve enforcement of customs policies and procedures, surveillance and apprehension of smuggled goods. As we sustain process improvements, equip our people with better ICT tools and continue plugging sources of revenue leaks, we expect collections to become better,†Sevilla said.