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Customs collections up 21% to P211.8B in first six months

business / Economy
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Customs collections up 21% to P211.8B in first six months

/ 05:30 AM July 20, 2017

The Bureau of Customs posted a measly increase in its collection of import duties and other taxes in June, thus missing its target for the month.

Total revenue collections at 17 major ports last month inched up to P35.8 billion from P35.3 billion a year ago, the latest BOC data showed. However, the country’s second-biggest tax-collection agency failed to achieve its P38.7-billion goal for June.

Last month, the ports of Aparri, Batangas, Cagayan de Oro, Davao, Legaspi, San Fernando, Surigao and Zamboanga exceeded their respective targets.

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Those that missed their revenue goals in June included the Port of Manila, Manila International Container Port and Ninoy Aquino International Airport as well as the ports in Cebu, Clark, Iloilo, Limay, Subic and Tacloban.

At the end of the first half, Customs collections reached P211.8 billion, up 21 percent from the P190.6 billion collected from January to June last year.

The six-month take, however, was below the P218.7-billion target for the period.

The BOC was able to surpass its targets during the months of January, March and May but failed to reach the goals for February, April and June.

For 2017, the BOC must collect a total of P459.6 billion in import duties and other taxes, equivalent to 3 percent of gross domestic product (GDP).

In the third and fourth quarters, the BOC is expected to collect P119.2 billion and P122.8 billion, respectively. —BEN O. DE VERA

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TAGS: Bureau of Customs, revenue collections, tax collection
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