THE Bureau of Customs (BoC) posted a positive growth for the first month of the year compared to the same period last year.
Initial figures showed a total collection of P30.9 billion, reflecting a growth of 5.2 percent as compared to the P29.4 billion for the same period in 2015.
Director Cecile Soriano, chief, Financial Services, on Wednesday attributed the rise in collection to the increase in volume and value of imports to 19.5 percent and 13.5 percent, respectively.
Volume and value of non-oil imports increased by 23 percent and 17.2 percent, which also resulted in increase in collection by 8.9 percent to P26.9 billion from last year’s P24.7 billion.
Meanwhile, collection sourced from oil registered at P3.9 billion, lower from last year collection of P4.6 billion, a negative deviation of 14.6 percent.
Soriano pointed out though that the total collection of P30.9 billion fell short by 21.10 percent as against its January target collection of P39.2 billion.
Non-oil source of the revenue collection posed a positive deviation of 8.9 percent, as reflected by January collection of P26.9 billion compared to last year’s P24.7 billion.
According to Soriano, the collection effort of the BOC is adversely affected by the 41.2 percent drop in the weighted average price of crude and petro products, resulting in the decline of oil import value by 18.7 percent despite an increase in volume of oil imports by 8.4 percent.
“It is also important to note that non-dutiable value of imports due to free trade agreements, import promoting agencies and other special laws compose 70 percent of the total value of imports,” the official said.
Customs Commissioner Alberto Lina said the bureau will continue to step up its efforts to meet its monthly revenue targets despite the continuing drop in oil prices.