Customs revenues grew by P2.4 billion year-on-year

MANILA, Oct. 30 -- The Bureau of Customs collected P268.229 billion from January to September of 2015, growing by P2.402 billion (0.9%) compared with the same period last year, but lower than the P314.171 billion target for the period by P45.942 billion (14.6%).

For September, Customs posted P32.65 billion in total collections, 0.8% lower from last year. The figure is P8.4 billion or 20.6% below the P41.1 billion target for the month.

The bureau says the decline in collection is due to the decrease in total value by 5.4% despite the increase in total volume of importation by 20.5%. Non-oil revenues is up by P2.7 billion or 11.3% while revenues from oil decreased by 33% to P6 billion from P9 billion the same month last year.

Although falling short by 18% on target, the bureau posted an increase in non-oil collections by P25.525 billion or 13.2% year on year. Both volume and imports grew by 16% and 5.5%, respectively.

For oil products, the volume of imports increased by 20.6%, but value dropped by 32.4%. Collections from oil decreased by 32% year on year or P23.123 billion, but higher than target by 11.7% or P5 billion – as average oil price for the period lowered by 48% compared with last year.

“Overall, the decline in collection was driven by the drop in the total value of imports by 1.8% despite increase in volume by 17%,” said Customs Chief Alberto D. Lina.

However, the bureau remains optimistic that it can reach target collections for the year.

“Preliminary figures for October is looking up so we will strengthen efforts to meet targets by the end of the year,” Lina added. (BOC)

 © 2015