The Bureau of Customs (BOC) revenue target for 2020 has been reduced by 26% to P541.703 billion from P731 billion, following adjusted government targets in response to the impact of the coronavirus (COVID-19) pandemic on the Philippine economy.
Customs commissioner Rey Leonardo Guerrero, in a memorandum to Customs officials on May 27, said the revised target is based on Department of Finance’s (DOF) Computed Target for the Medium-term Revenue Program approved by the Development Budget Coordination Committee on May 12.
DOF is BOC’s mother agency while DBCC primarily reviews and approves macroeconomic targets, and revenue projections, among others, and recommend to the Cabinet and the President of the consolidated public sector financial position and the national government fiscal program.
The revised targets per month are as follows:
- January-P58.170 billion
- February-P46.623 billion
- March-P46.479 billion
- April-P36.293 billion
- May-P34.696 billion
- June-42.410 billion
- July-P49.629 billion
- August-P45.480 billion
- September-P50.935 billion
- October-P47.320 billion
- November-P41.274 billion
- December-P42.394 billion
The revised targets per port are:
- San Fernando-P3.935 billion
- Port of Manila-P73.981 billion
- Manila International Container Port-P148.849 billion
- Ninoy Aquino International Airport-P35.480 billion
- Batangas-P128.838 billion
- Legazpi-P462 million
- Iloilo-P2.607 billion
- Cebu-P26.667 billion
- Tacloban-P1.087 billion
- Surigao-P15 million
- Cagayan de Oro-P24.622 billion
- Zamboanga-P3.535 billion
- Davao-P22.791 billion
- Subic-P24.432 billion
- Clark-P1.486 billion
- Aparri-P184 million
- Limay-P42.732 billion
BOC has been recording declines in revenue collections this year since March, with April posting the biggest year-on-year decline of 32.56%, according to latest available data from BOC.
For the January-May 14 period, collection was 17.4% lower than the P235.29-billion target for the period, according to BOC assistant commissioner and spokesperson Atty. Vincent Philip Maronilla.
DBCC projects that the Philippine economy will contract by 2% to 3.4% in 2020 due to the COVID-19 pandemic. The National Economic and Development Authority estimates also suggest that potential impact of the pandemic on the economy could reach P2 trillion or about 9.4% of gross domestic product this year.
The country’s total expected revenue collection for this year has been revised to P2.61 trillion or 13.6% of GDP. This is lower by P560.5 billion or 17.7% compared with the P3.17-trillion program approved by the DBCC on March 27, 2020.