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Monday, April 7, 2014

Downtrend Revenue Collections Hit Bureau of Customs

Lingering downtrend in revenue collections continues to hamper the Bureau of Customs (BOC) with a shortfall of Php 4.214 Billion that it posted last month. In March collection records from the BOC showed that the agency only collected Php 29.072 Billion as against it's target of Php 33.286 Billion. It was the 3rd straight month that the agency incurred a shortfall bringing the total deficit Php 8.518 Billion for the first quarter of this year. Based on the same data the BOC had a target of Php 94.778 Billion for the 3 month period but preliminary figures showed that it only collected Php 86.260 Billion. This means the BOC was a 9% off it's revenue goal. The bureau only offered a consolation that the revenues surged by Php 17.433 Billion of 25.3% compared to the Php 68.816 Billion collections in the same period of 2013. Customs Commissioner Sevilla confirmed that collections were comparatively dismal following the work stoppage initiated by truckers to protests the expanded truck ban in Manila. Officials identified the slow business activity after the Chinese New Year in February as another culprit as most Chinese businessmen went on extended vacations, resulting to lower shipments. Amid the slump in the revenue intake the BOC undertake an overhaul of it's personnel and experienced a changing of guards upon the assumption of Sevilla in December last year. But since then it has been a free fall in terms of collections averaging a Php 3 to 4 Billion monthly shortfalls.  
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