COLLECTIONS of the Bureau of Customs (BoC) continued to rise and beat targets on the back of a weaker local currency and high world oil prices, according to preliminary data.
In a statement on Thursday, the BoC said that it collected P52.05 billion in July, 48.8% more than its P34.99-billion take the past year.
The bureau said it exceeded its P50.07-billion target that month by 3.9%, the sixth consecutive month it did so.
It was also four percent more than the P50.05 billion the bureau collected in June.
“The bureau’s improved revenue performance is driven by strong enforcement and revenue enhancement measures and higher exchange rate and increased oil price in the market,” the BoC said in its statement.
“We are expecting consistent revenue growth and I remain confident that we will hit and even exceed our year-end target,” the same press release quoted Customs Commissioner Isidro S. Lapeña as saying.
The government also implemented Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion law that imposed higher excise taxes on fuel, tobacco, coal and minerals; as well as a new tax on sugar-sweetened beverages among others. At the same time, it cut personal income tax rates and removed several value-added tax exemptions.
The bureau also reassigned collection officers of under-performing ports last April.
The BoC said that 15 of its 17 ports exceeded their respective targets. Only the Manila International Container Port and the Port of Subic performed below expectation, falling short by P1.22 billion and P201 million of their respective targets. “The Manila International Container Port with target collection of P15.439 billion collected only P14.224 billion, while the Port of Subic collected only P1.601 billion against its revenue target of P1.802 billion,” the bureau said.
The BoC is tasked to collect P598 billion this year, 30.52% more than the P458.18-billion actual collections in 2017.
The preliminary July figures would put the seven-month revenue take to P331.44 billion, equivalent to 55.42% of the 2018 collection goal.
Latest official data from the Bureau of the Treasury show that the BoC raked in P279.4 billion last semester, 33% more than the P210.3 billion it collected a year ago and three percent more than its P270.3-billion target for last January-June. — Elijah Joseph C. Tubayan