THE Development Budget and Coordination Committee (DBCC) has lowered the 2016 assessed revenue collection target for the Bureau of Customs (BOC) from P498.67 billion to P409 billion, with P402.5 billion as cash component.
The target recalculation comes after a continuous decline in oil prices and levels of imports in recent months.
This new target is 17.6 percent lower than the original cash collection target of P488.7 billion, which was indicated in the 2016 Budget Expenditures and Sources of Financing (BESF).
The 2016 BESF target is originally set using the computation methodology of two-year actual average cash collections by type and source of tax of 2014 and 2015.
The recomputed cash collection target remains higher by 12.6 percent compared with the 2015 actual cash collection of P357.4 billion.
With BOC’s actual January to June collection reaching P190.6 billion, the remaining amount to be collected for this year to reach the new target is P218.4 billion.
All ports are optimistic in meeting the revised collection target this year, the BOC said in reaction to the adjustment.