THE Bureau of Customs (BOC) said its revenue collection in the 11 months to November has reached P813.651 billion, surpassing its programmed target during the period and providing the bureau with enough cushion to meet its full-year target.
Based on the bureau’s preliminary report, Customs Commissioner Bienvenido Rubio said the BOC’s January to November collection rose by 3.09 percent or by P24.405 billion from last year’s P789.246 billion.
The bureau also surpassed its P795.966-billion collection target for the 11-month period by 2.2 percent or by P17.685 billion, Rubio added.
The BOC met its revenue collection target despite a slight dip in its collection in the month of November alone.
In November, the BOC collected P75.338 billion compared to the P75.724 billion it collected in the same month of last year. Nonetheless, the bureau still posted a surplus last month after exceeding its P74.249-billion collection target.
Rubio attributed the increase in the BOC’s 11-month revenue collection to the bureau’s “more efficient” collection, particularly in assessing inbound shipments and levying the correct tariff rates.
“There are certain commodities that arrive and probably we do not see the specific contents of the shipments. But today we are now inspecting them closely to see the actual content of the shipments and apply the correct codes to determine the correct values,” he told reporters on Wednesday.
“With the more specific codes we are able to capture the values of the shipments. We also update our reference values to see if the [declared] prices are correct, which we based it on world price indices,” he added.
Rubio admitted that the lower oil and coal prices impacted the BOC’s revenue collection performance. He explained that the volume of imports have dropped as well as the prices per unit of the various imported commodities.
“The DBCC [Development Budget Coordination Committee] projected the prices of fuel to about $90 but we are just at $68 to $70 while the [Philippine peso] dollar [exchange rate] was pegged as high as P59 but now it is going to P55. And it has an effect [on our collection] since we base our collection in the foreign currency, the value of goods,” he explained.
“So the drop in fuel prices greatly affected [our performance]. Another is coal prices which decreased this year by a great margin. Our possible revenue losses because of the drop in coal prices alone is at P45 billion [considering] that the import volume remained the same,” he added. With the latest performance of the bureau, Rubio is confident the BOC would meet its P874.2-billion collection target for the entire 2023.
“What I can promise you is that I will meet the target and there will be a surplus,” he told reporters on Wednesday.
Following the BOC’s end-November collection performance, the bureau will need to collect at least P60.549 billion this month to meet its full-year target.