The Bureau of Customs (BOC) missed anew its revenue goal for November even if it posted a 10.5 percent growth in monthly collections.
The BOC said it was able to increase collections despite the lower price of imported oil, its biggest source of duty.
BOC collections reached P31.22 billion in November from the P28.25 billion a year earlier.
“During the month, the volume of imported goods grew 26.3 percent, as consumer demand peaked for the yuletide season,” it stated.
However, compared with the 37.33 billion revenue target for the month the bureau fell short by 16.4 percent or P6.11 billion.
The bureau explained that it missed the revenue goal for the month due to a drop in the price of imported petroleum products and the value of motor vehicles imports.
“The price of imported petroleum products, which accounts for about one-fourth of the Bureau’s revenues, dropped. The value of motor vehicles imports, which comprises about 16 percent of total revenues, likewise declined as consumers shifted preference to compact, fuel-efficient sedans,” it said.
Cumulative collections in the 11 months to November were up 17.8 percent year-on-year at P331.17 billion from P281.13 billion for the same period last year.
The ports of Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic and Aparri exceeded their collection targets for the period, the BOC said.
For full-year 2014, the bureau is tasked to collect about P408 billion in revenues for the government, or 22 percent of the government’s overall revenue target from all sources for this year.