The Bureau of Customs earned P29.1 billion in duties and taxes but missed its collection goal in November by 27.4 percent, preliminary data showed.
For the month of November, Customs chalked up P29.1 billion, which was P10.9 billion or 27.4 percent below the P40.0-billion target for the month and lower by P2.2 billion or 6.9 percent compared with the P31.2-billion November 2014 collections.
The bureau partly cited the long non-working days during the Asia-Pacific Economic Cooperation summit due to limited port activity which had severely affected revenues.
It also noted that truck bans, road closures and traffic rerouting schemes within the ports’ perimeters further pulled down the daily average collection from P2 billion to as low as P50 million.
“It may also be highlighted that special non-working holidays imposed in Metro Manila on Nov. 18 and 19 resulted in closed banks, further limiting business transactions at the ports,” the BoC said.
The decline in collection was also driven by the decrease in the total value of imports by 7.2 percent despite the increase in the total volume of importation by 12.8 percent.
For non-oil, volume of imports grew by 19.4 percent. However, the effect of low world price oil that reduce production cost and lower value of imports by 0.8 percent resulted to a modest collection growth of 1.7 percent.
For oil products, both volume and value of imports decreased by 10.2 percent and 47.2 percent. Likewise, total oil collection decreased by 37.9 percent, to P4.2 billion from P6.8 billion in November 2014.
