BOC collections short of Nov goal

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The Bureau of Customs (BOC) missed its November collections goal as disruptions caused by the country’s staging of the Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit cut into port revenues.

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The bureau netted P29.1 billion last month, based on preliminary data, 27.4 percent below the P40-billion target. The result was also 6.9 percent lower compared to the P31.2 billion recorded a year earlier.

In a statement, the bureau said limited port activity severely affected revenues despite customs services having been expedited weeks before the APEC meetings in Manila.

“Truck bans, road closures and traffic rerouting schemes within the ports’ perimeters further pulled down the daily average collection from P2 billion to as low as P50 million,” it said.

The bureau noted that that special non-working holidays imposed in Metro Manila on November 18 and 19, which resulted in banks suspending operations, further limited business transactions at the ports.

The collection decline was also driven by a 7.2 percent decrease in the total value of imports despite overall volumes gaining by 12.8 percent.

For non-oil imports, volume grew by 19.4 percent but value-wise the improvement was just 0.8 percent, the bureau noted. It explained that a decline in oil prices had reduced production costs, thus lower import values meant collection growth was just 1.7 percent for this category.

For oil products, meanwhile, both volume and value of imports decreased by 10.2 percent and 47.2 percent, respectively. Total collections from oil products decreased by 37.9 percent to P4.2 billion from P6.8 billion in November 2014.

Year to date, Customs collections rose to P329.8 billion, 17 percent short of the P397.2-billion goal. End-November revenues remain far behind the full-year target P436.5-billion target for full-year 2015.

Last year, the bureau failed to meet its P408-billion goal, only netting P369 billion. For 2016, the bureau has been tasked to collect P498.7 billion.

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