WHILE it may not hit its collection goal for the year, the Bureau of Customs (BOC) said it could still raise about P400 billion in revenue on sheer volume of imported goods.
In an interview with the reporters, Customs Commissioner Alberto Lina said the Development Budget Coordinating Committee has tasked the BOC to collect P426.6 billion for 2015.
“The DBCC had based its target on the cash and non-cash collections of the bureau,” he said.
Lina estimated the bureau’s doable collection could range between P390 and P400 billion, based on the total target for the year.
The collections will come from the higher volume of purchases, particularly of oil and construction materials, he added.
The Customs chief noted that collections from imported oil alone increased by 15 percent in the first half of the year from the same period in 2014.
Oil products account for 30 percent of the total revenue of the bureau, while 70 percent come from non-oil imports, he said.
In June, revenue collections by the BOC exceeded the target for the month by 4.2 percent, and were up by 14.3 percent from a year earlier.
The BOC raked in P31.23 billion last month or P1.26-billion higher than the P29.97-billion target.
Compared with the year earlier collections of P27.33 billion, the June 2015 figures were up by P3.90 billion.