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Thursday, August 28, 2003
Weak peso affects BOC 11 collection
By Christie Enriquez- Uayan
BECAUSE of the peso's continuing slide against the dollar, most of the Filipino importers are now holding on to their wallets and adopting a wait and see attitude, Bureau of Customs (BOC) 11 Chief Fidel Camanag told Sun.Star Wednesday.
Camanag said the volume of imports has decreased significantly following the peso's standing in the international economy.
The peso dollar rate exchange already pegged yesterday at P55.60-US $1, respectively, has put the importers in the country in a difficult position, he said.
"Marami tayong mga ini-expect na imported goods na normally pumapasok dito na hanggang ngayon hindi pa rin nakararating. Maybe because some of the businessmen here are waiting for the peso to gain a little against the dollar," Camanag told Sun.Star, adding that the only successful business nowadays is exportation.
Because of the peso's weakening, the cost of importation has consequently jacked up since the value of commodities in the international market is pegged in US dollars.
The BOC 11 chief also reported that it is at present, P20 million short of its P69 million monthly target.
"Hindi totoo yung komo nag-increase ang value ng dollars eh tataas din ang collection namin," he said, adding that in his experience, the revenues collected by the BOC normally dips as the dollar gains ground.
Camanag said the district only has collected about P49 million for the month as of Wednesday.
While there are still a few working days left for the office to fill the huge gap, the BOC 11 chief admitted the task to reach the goal might prove too difficult.
"I am, however, still optimistic to fill in at P10 million of the shortage," he said. CEU
(August 28, 2003 issue)
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