BOC misses Sept target, lower oil prices blamed

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Customs revenues fell below target in September, the government reported on Thursday, as lower oil prices offset an increase in overall import volumes.

The Bureau of Customs said it netted P36.25 billion last month, short of the P4.85-billion goal and down 0.8 percent from a year earlier.

In a statement, the bureau noted that import values fell by 5.4 percent even as volumes surged by 20.5 percent. In particular, it noted that revenues from oil imports fell by 33 percent to P6 billion while non-oil earnings rose 11.3 percent to P2.7 billion.

Year to date the bureau is also behind its collection goal. Cumulative revenues grew by 0.9 percent to P268.229 billion but were short of the P314.171-billion target for the period.


September’s decline was the second for Customs Commissioner Alberto Lina, who assumed the post in April. He remained confident, however, that the full-year target would be met.

“Preliminary figures for October are looking up so we will strengthen efforts to meet targets by the end of the year,” Lina said.

The BOC has been assigned a P436.5-billion target for the year. Last year, it failed to meet its P408-billion goal, only netting P369 billion.

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