THE Bureau of Customs (BOC) failed to meet its July collection target, taking in P22.22 billion, 15% or P3.9 billion less than its P26.17-billion target.
But for the first seven months of the year, the agency had better luck, collecting P152.94 billion or P2.71 billion more than its P150.23-billion goal, thanks to higher cash collections.
The bulk of the July total came from duties and taxes and only P419 million from the tax expenditure fund (TEF) from the National Food Authority (NFA).
TEF represents payment of taxes for importations made by government agencies. Funds are transferred from one agency to the other but the transaction is only reflected on paper with no actual money changing hands.
In July, the NFA failed to pay its outstanding balance of P3.3 billion for rice imports, a key reason for the disappointing monthly total.
BOC x-ray Inspection Project head Lourdes Mangaoang in a recent press briefing also attributed the lackluster performance to “the wait-and-see approach of businessmen who either held off or scaled down the volume of importations during the first weeks of July.”
She said, “Historically when a new commissioner steps in, the volume of importation drastically decreases during his first week in office. They (importers) will wait for the new policies that he will implement, whether (these are) very strict or relaxed.”
Imports passing through major ports decreased drastically in July. Those going through Cebu, for instance, dropped 33% with their taxable value falling 40%. Despite the slowdown, Cebu beat its target of P583 million by P5 million.
The Port of Manila’s (POM) volume was also down and the Manila International Container Port’s (MICP) flat for the month.
Collection at POM reached P4.76 billion, 1% lower than its target of P4.81 billion.
The MICP take amounting to P5.92 billion was 1.73% short of its P6.03-billion July target.
Ninoy Aquino International Airport collected P1.62 billion, up P5.79% from its goal of P1.53 billion.
The oil port of Batangas took in P4.95 billion or 4.2% lower than its P5.17-billion target. Another oil port, Limay, registered a surplus of 13.5% after raking in P2.29 billion versus its target of P2.01 billion.
