Customs misses target by P8B
THE Bureau of Customs (BOC) is poised to miss its collection target in the fourth quarter by at least P8 billion by only earning P63 billion of its goal of P71 billion in the last three months of the year.
For the month of October, it is likely to report a shortfall of P9 billion based on its target of P27 billion. Government’s fiscal figures for October would be reported November 15.
BOC Commissioner Angelito Alvarez yesterday said the agency is reeling from lower income in imports as the peso appreciates against the dollar.
Alvarez estimates that the BOC sheds P800 million a month or P3.5 billion a year for every one peso appreciation of the local currency.
He said revenues from oil and motor vehicles imports are down especially those entering the ports of Limay, Bataan and Batangas.
“For Limay and Batangas alone, our shortfall is P4 billion,” Alvarez said.
He also said the BOC is seen to average only of P21 billion every month during the fourth quarter.
But Alvarez said it’s still hard to say if the agency would miss its full year target of P280.7 billion.
“It’s too early to tell,” he said.
The BOC likewise failed to accomplish its target last September by only collecting P19.652 billion or short of P3.706 billion against its target.
The customs agency has been assigned a higher collection goal in 2011 amounting to P320 billion under the new government’s proposed national budget of P1.645 trillion. Dino Ng