Customs Reports Increase In January Collection

The Bureau of Customs (BoC) posted a growth of 5.2 percent after collecting a total of P30.9 billion in January as compared to the collection of P29.4 billion of the same period last year.

Based on the preliminary figures, the bureau also reported an increase in both volume and value of imports by 19.5 percent and 13.5 percent, respectively.

Likewise, the volume and value of non-oil imports grew by 23 percent and 17.2 percent, which resulted to increase collection by 8.9 percent to PhP26.9 billion as against the PhP24.7 billion in 2015.

The non-oil source of the revenue collection posed a positive deviation of 8.9 percent, as reflected by January collection of PhP26.9 billion compared to PhP24.7 billion last year.

On the other hand, collection from oil registered at PhP3.9 billion, which is lower than the PhP4.6 billion, down by 14.6 percent from the previous year.

The total collection of PhP30.9 billion fall by 21.10 percent as compared to target collection of PhP39.2 billion for last month.

The revenue is adversely affected by the 41.2 percent drop in the weighted average price of crude and metro 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,” said Cecile Soriano, customs director for financial services.

For his part, Customs Commissioner Alberto Lina vowed to continue to step up its efforts to meet its monthly revenue targets despite the continuing drop in oil prices. (PNA) LGI/FGP/EDS