Customs collection up in Jan. but misses goal

The Bureau of Customs ( BOC), government’s second largest revenue agency, said yesterday that collections increased in January this year, but lower against target.

In a statement, Customs Commissioner Alberto D. Lina, said that preliminary total collection reached 30.9 billion last month, higher by 5.2 percent compared with 29.4 billion in the same month last year.

However, Customs’ collection in January is below by 21 percent compared with the 39.2-billion goal.

But overall, Customs said both volume and value of imports in January increased 19.5 percent and 13.5 percent, respectively.

Likewise, volume and value of non- oil imports during the month increased 23 percent and 17.2 percent, respectively, which also resulted in a collection increase of 8.9 percent to 26.9 billion from last year’s 24.7 billion.

Meanwhile, collection sourced from oil registered at 3.9 billion, lower from last year collection of 4.6 billion, a negative deviation of 14.6 percent.

Non- oil source of the revenue collection posed a positive deviation of 8.9 percent, as reflected by January collection of 26.9 billion compared to last year’s 24.7 billion.

The collection effort of the Customs is adversely affected by the 41.2 percent drop in the weighted average price of crude and petroleum 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 im- portant 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,” Cecile Soriano, Customs director for financial services, said.

For his part, Lina said the bureau will continue to step up its efforts to meet its monthly revenue targets despite the continuing drop in oil prices.