The May collection was also 23.5% higher than the P32.07-billion revenue posted in the same month last year, data from the BOC Financial Service showed.
From January to May 2017, BOC took in P176 billion, up 13.6% from the P155.26 billion earned in the same period last year, but 1.5% lower than the P179.08-billion target for the period.
The customs bureau in a statement said the improved collection performance was largely due to higher oil prices in 2017, and the increase in volume and value of imports by 19.7% and 28.3%, respectively.
The foreign exchange rate likewise increased from P47.05 in 2016 to P49.9 in 2017, resulting in higher revenue yields.
BOC also attributed last month’s good revenue performance to improved collections in 11 of the 17 collection districts:
- Port of Cagayan de Oro collected P1.46 billion, up 52.9% from the P953.2-million target.
- Port of Davao, P1.572 billion, up 37.4% from P1.143 billion.
- Port of San Fernando, P248 million, up 26.8% from P195.8 million.
- Port of Tacloban, P22.8 million, up 22.5% from P18.6 million.
- Port of Clark, P128.8 million, up 16.5% from P110.6 million.
- Port of Zamboanga, P22.3 million, up 14.7% from P19.4 million.
- Port of Batangas, P9.05 billion, up 5.5% from P8.58 billion.
- Ninoy Aquino International Airport, P3.35 billion, up 3.2% from P3.24 billion.
- Port of Subic, P1.370 billion, up 2.7% from P1.334 billion.
- Manila International Container Port, P12.08 billion, up 2.4% from P11.80 billion.
- Port of Manila, P6.135 billion, up 0.6% from P6.101 billion.
The ports of Cebu and Limay, which posted P1.83 billion and P2.28 billion, respectively, were short of their collection targets.
Customs Commissioner Nicanor Faeldon expressed confidence that the growth in government revenue will continue until yearend. BOC is tasked to collect P468 billion in revenue for this year.
Image courtesy of hywards at FreeDigitalPhotos.net