The Bureau of Customs (BOC) still fell short of its collection target for October despite setting a new record for the highest-ever single-month collection for the month.
In a statement on Monday, the BOC said despite challenges brought about by congestion at the country’s largest ports, the agency managed to improve its revenue collections.
BOC collections reached P34.16 billion in October, up 22.6 percent or P6.3 billion from the P27.86 billion collected a year earlier.
Compared with the P36.81 billion revenue target for the month, however, the bureau fell short by almost 7 percent or P2.65 billion.
The bureau did not offer an explanation for falling short of the revenue goal for the month, but rather focused on the year-on-year increase in its collections, which it attributed to the continued growth in the volume and value of imports.
Cash collections, which net out importations that are booked as tax expenditure funds, or non-cash collections recorded on paper for government transactions, grew 28.5 percent in October, it explained.
The BOC also noted that a surge in consumer demand and clearing-out of shipments at the ports propelled a 31.8 percent increase in import volume.
On the other hand, improvements in the bureau’s processes and continued reforms drove a 34.4 percent growth in the valuation of goods and a 30.17 percent hike in duties and taxes collected, it added.
Cumulative collections in the 10 months to October were up 18.6 percent year-on-year at P299.95 billion from P252.88 billion for the same period last year.
The ports of Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic and Aparri exceeded their collection targets for the period, the BOC said.