Bureau of Customs revenue growth streak continues-A A +A
Monday, June 23, 2014
TOTAL revenues collected by the Bureau of Customs (BOC) continued to grow at double-digit levels, expanding 11 percent in May 2014 to reach P28.81billion, although 18 percent less than the goal of P35.09 billion for the month, on the back of lower volume of importation, BOC said in a statement.
Volume of imports dropped 6.9 percent in May versus the same month last year, dragged down by reduced importation of crude oil and oil products, alcohol products, computers, electronic devices, industrial machinery, mineral products, as well as paper and pharmaceutical products.
However, despite sluggish importation, cash collections from BOC operations reached P28.53 billion in May, up 10 percent year-on-year, as the average value declared by importers grew 24 percent, resulting to a 15.54 percent rise in valuation and 12.4 percent hike in the amount of duties and taxes paid.
“Looking beyond the revenue target, our collection efficiency is improving as we enhance our reference valuation figures and improve enforcement of customs policies and procedures, surveillance and apprehension of smuggled goods. As we sustain process improvements, equip our people with better ICT tools and continue plugging sources of revenue leaks, we expect collections to become better,” said Customs Commissioner John P. Sevilla.
From January to May 2014, revenues were up by 20 percent year-on-year to P146.07 billion, while total import volume reached 28 billion kilograms, up 4.37 percent year-on-year.
Based on the report of the Bureau of the Treasury, the Ports of Subic, Cebu, and Davao showed positive revenue traction, tracking increased economic activity in these areas.
In May 2014, revenue collections from Subic grew 45 percent to P1.072 billion; while that of Cebu and Davao totaled P1.16 billion and P836 million, respectively.
For June, the BOC is programmed to collect P33.29 billion by the inter-agency Development Budget Coordination Committee (DBCC). (DOF)
Published in the Sun.Star Cagayan de Oro newspaper on June 23, 2014.