For the second time this year, the Bureau of Customs (BOC) exceeded its monthly target, with total collections for June 2015 up 6.4% to reach P31.2 billion, or P1.8 billion above the P29.3 billion cash collection target for the month.
The June 2015 figure is also 14.3% higher than the P27.3 billion collected in June 2014, BOC said in a statement.
Revenues generated by BOC in June were derived purely from cash collections, which refer to duties, taxes, and fees collected from goods that entered through customs ports nationwide, according to preliminary electronic-to-mobile (e2m) system and collection district reports.
BOC’s cash collections—those generated from BOC operations net of the tax expenditure fund, or paper transactions from government importations—grew 14.3% or P3.9 billion versus the same month last year.
The growth in collection was due to the overall increase in total volume of importations by 19.3% and slight improvement in the total value of importation by 1.6%.
For non-oil, both volume and value of imports grew 26.5% and 8.8%, respectively. This led to collections from these shipments going up P5.9 billion or 29.1%.
For crude oil and petroleum products, the volume of importation of petro products decreased 3%. Likewise, the value of oil imports dropped 35.4% as oil price fell by 33.4%. Correspondingly, collections from oil shipments went down P2 billion or 28.5%.
For the period January to June 2015, BOC revenue grew 2.9% to P178.357 billion from P173.401 billion in the same period last year.
“This is only the second time this year that the BOC exceeded its monthly cash target. With the support of our men and women in the bureau, I trust the Aquino administration’s reforms will result (in) reaching our monthly targets consistently,” Customs Commissioner Alberto Lina said.
Of the 17 BOC collection districts, 15 ports were able to surpass their targets for June 2015, except Aparri and Limay.
Manila International Container Terminal contributed the largest revenue, followed by Batangas, Port of Manila, and Nino Aquino International Airport.
Reduced 2014 collection target
Meanwhile, the Development Budget and Coordination Committee has cut BOC’s collection target this year from P456.468 billion to P436.592 billion on account of the recent reduction in oil prices.
The revised target comes with a P426.592 billion cash component, which is 19.6% higher than the 2014 BOC actual cash collection of P356.815 billion.
Target collection per port was also revised reflecting an even rate of increase of 19.6% over their 2014 actual cash collections.
