Customs collects P203.8-B from January to July-A A +A
Monday, September 1, 2014
THE Bureau of Customs' (BOC) revenue collections for the first seven months to July have increased 18 percent year-on-year to P203.86-billion on the back of continued improvements in valuation as well as a marginal increase in the volume of imported goods.
For July alone, total revenues reached P30.46-billion, up nine percent over the same month last year.
"Despite operational disruptions brought by Typhoon Glenda and congestion at the Port of Manila and the Manila International Container Port—the country's largest ports in import volume and revenues, average daily collection improved to P1.44-billion, versus P1.2-billion in July 2013," the BOC said, noting that both months had 21 working days.
Importation of finished petroleum products, which accounts for about 17 percent of total revenues, grew 34.5 percent year-on-year in July 2014, primarily due to an increase in imports of diesel and liquefied petroleum gas (LPG).
Average value, however was down 18.5 percent, consistent with global market trends for oil prices.
On the other hand, importation of motor vehicles, which account for a 15 percent share of total BOC collection, expanded 22 percent on increasing demand for cars.
Other drivers of revenue growth include importation of food items; iron and steel products; as well as electrical machineries and equipment.
Majority of the Bureau’s Collection Districts or Ports saw marked improvement in revenue collection in July.
For August, the BOC was targeting to collect P33.5-billion as set by the Development Budget Coordination Committee (DBCC). (SDR/Sunnex)