Customs collections fell short of target in January as global oil prices remained low, the government reported on Wednesday.
The Bureau of Customs said it netted P30.9 billion last month, missing the P39.2-billion goal. The result, however, was 5.2 percent higher compared to the P29.4 billion recorded a year earlier.
Collections, the bureau said in a statement, were primarily affected by a 41.2-percent drop in the weighted average price of crude oil and petroleum products.
Oil import values correspondingly fell by 18.7 percent despite an 8.4-percent increase in shipment volumes. Revenues sourced from oil totaled P3.9 billion, 14.6 percent down from last year.
“It is also important to note that non-dutiable value of imports due to free trade agreements, import promoting agencies and other special laws composed 70 percent of the total value of imports,” said Cecile Soriano, customs director for financial services.
Non-oil revenue sources, meanwhile, totaled P26.9 billion, 8.9 percent higher compared to last year’s P24.7 billion. Volume and value increased by 23 percent and 17.2 percent, respectively, which also resulted to an 8.9 percent increase in collections to P26.9 billion.
Overall, the bureau said both volume and value of imports increased by 19.5 percent and 13.5 percent, respectively.
Customs Commissioner Alberto Lina expressed his optimism that revenues would improve, saying that the bureau is stepping up its efforts to meet its monthly targets.
The bureau failed to meet its P436.5-billion target last year, only netting P366.9 billion. It has been tasked to collect P498.7 billion this year.