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THE Department of Finance said the Bureau of
Customs’ collection target for this year stays.
Finance Secretary Margarito B.
Teves said it is too early to make an adjustment given the
volatility in the financial markets. The Customs bureau earlier said
the peso’s rapid appreciation would make it difficult for the
agency to meet its collection goal.
Teves said the bureau has to come
up with a balance sheet outlining both the positive and negative
factors that will contribute to its collection difficulties.
“They [have] to find out from
other sources and see if there is room for adjustments. We [have] to
be very objective in assessing how favorable and negative factors
are going to affect us,” he said, adding the same approach has
been imposed on the Bureau of Internal Revenue.
Customs Commissioner Napoleon L.
Morales earlier said the P254.4-billion target this year is
unrealistic considering the P46 to a dollar rate that the finance
department has set for the bureau.
Last year, the government set a
forex rate of P48 to a dollar.
“With an actual collection of
P210.9 billion in 2007 and P254.5-billion goal in 2008 it will be a
P43.6, or 20.7 increase. With a continued peso appreciation, it will
be next to impossible to meet this currency goal,” Morales said.
He added the collection’s forex
assumption should be based on the emerging rate to date, which is 40
to 41 to a dollar.
Morales said the bureau failed to
meet its collection target of P228 billion last year after it posted
only P210.6 billion in revenues.
--Chino S. Leyco
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