The Bureau of Customs (BOC) reported a collection shortfall of P1.59 billion in September amounting to only P40.16 billion instead of P41.75 billion as expected, data from the Department of Finance (DOF) show.
According to the DOF, the bureau missed its target collection by 3.81 percent, itself a reversion from year-ago collection expansion by 18 percent to P34.24 billion.
“We were given a target of P50.1 billion per month up to December. We were not able to hit it in September, but this October I am optimistic we will hit our target,” Lapena told financial reporters.
Year-to-date, the bureau collected only P323.72 billion or still short of target by 5.59 percent. Its target revenue collection from January to September was set at P342.87 billion.
This was nearly 12 percent higher compared to only P289.57 billion in the same month last year.
According to Customs Commissioner Isidro S. Lapeña, they should still hit the collection target this year, since the agency has done away with benchmarking and have, instead, implemented the correct valuation process when computing for cargo tax and duties on goods entering the country.
“I will say the correct valuation is now working, unlike in prior years when it was based on benchmarking. The government loses a lot from the benchmarking method. We are determined to implement the correct valuation,” he said.
He illustrated that a container van with an estimated cargo value of P1 million under the benchmarking scheme allows the government to collect only P40,000 instead of P120,000 from the value-added tax alone under the valuation scheme.
“So if [we] go by correct valuation, [we] should be hitting much more,” he said while also acknowledging that the valuation method is the slower process hated by importers.
Lapeña said businessmen are willing to cooperate if the BOC can implement a faster processing framework in the handling of imported goods.