For the fifth month, the Bureau of Customs (BOC) has failed to meet its revenue goal after it recorded its biggest deficit in May 2014.
The BOC reported that it has collected only P28.569 billion for the month of May, which is P6.517 billion or 18.6 percent lower than its target collection of P35.087 billion.
However, a preliminary collection report showed that the deficit only represented the cash collections of the bureau. It said that it had yet to collect the tax expenditure fund (TEF) or the paper revenues from shipments of government agencies.
Because of this shortfall, the May collection brought to P20.750 the agency’s total deficit for the first five months of 2014.
The BOC’s target revenue for period was P165.657 billion, but it collected only P144.907.
Recently, the BOC imposed several policy changes to enable it to meet its revenue targets, but to no avail..