BOC misses revenue collection target in June

Posted at 07/21/2014 2:22 PM

MANILA, Philippines – The Bureau of Customs (BOC) missed its revenue collection target for June, despite seeing a growth of 17.5 percent compared to the same month last year.

BOC posted revenues of P27.3 billion in June, around P6 billion short of its goal of P33.3 billion.

Cash collections, meanwhile, grew 17 percent to P27.3 billion. Cash collections are those generated from BOC operations net of the Tax Expenditure Fund (TEF), or paper transactions from government importations.

The BOC also missed its revenue collection goal in May due to lower volume of importations.

For the first half of 2014, total BOC revenues reached P173.4 billion, up by P28.3 billion or 19.5 percent year on year.

However, it still missed the January-June target of P199 billion.

The ports of Iloilo, Cagayan de Oro, Subic, Aparri, Cebu and Davao closed mid-year ahead of their collection targets on the back of improved economic activity and on-ground reforms.

On the other hand, ports in San Fernando, Batangas, Legaspi, Clark, Manila, Tacloban, Zamboanga and Surigao, missed their January-June targets.