Shortfall traced to low collections from oil imports
Revenue collections by the Bureau of Customs (BOC) missed the target for April by 24.1 percent, dropping from a year earlier by 8.5 percent due to double-digit declines in oil imports collections.
April collections by the BOC totaled P28.14 billion, short by P9.21 billion against a revenue target of P37.35 billion set for the month by the bureau, official BOC data released Wednesday showed.
Compared with the year-ago level of P30.76 billion, the April amount was down by P2.62 billion.
The BOC also missed its collection goal for the first four months of 2015. Cumulative collections in the four months to April grew 2.6 percent to P120.38 billion from the same period a year earlier, but fell 14.4 percent short of the P140.79 billion target for the period.
The bureau did not offer an explanation for the shortfall. Instead, the BOC highlighted in its report the 5 percent increase in collections from non-oil imports to P22.69 billion, with volume up 12 percent and value up 2.6 percent year-on-year.
Figures showed, however, that collections on oil imports plunged 68 percent to P5.44 billion in April the year before.
The bureau said the 45 percent fall in the weighted average values of crude oil and petroleum products dragged the overall collection on oil imports in April. That was despite the 6.7 percent increase in the volume of oil imports.