Customs Bureau misses 2014 collection goal

The Bureau of Customs (BOC) missed its full-year collection target of P408.097 billion last year, raking in only P369.314 billion.

 

Still, the 2014 figure is 21.1 percent higher than 2013's actual collections of P304.926 billion, according to the Customs Bureau.

 

The bureau exceeded its P31.984 billion goal in December with a total collection of P38.142 billion.

 

"Cash collections, which net out importations that are booked as Tax Expenditure Funds, or non-cash collections recorded on paper for government transactions, grew by 14 percent despite the decline in the value of crude and petroleum products by 38 percent and 23 percent, respectively, due to the fall in oil prices," it said.

 

Its tax expenditure fund grew by more than 100 percent, "arising from the collection of P11.012 billion government accounts, mostly National Food Authority importation..." 

 

The ports of Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic, and Aparri exceeded their collection targets in 2014, the BOC noted.

 

The Development Budget Coordination Committee tasked BOC to collect P456.468 billion this year, including a P446.468-billion cash component. – Kathryn Mae P. Tubadeza/VS, GMA News