BOC surpasses collection target by 11% in August
By. VG Cabuag – Business Mirror
The Bureau of Customs (BOC) said it has surpassed its revenue target in August after most ports were able to meet respective goals for the month.
Preliminary data from the BOC show the commission surpassed its target by close to 11 percent or P25.8 billion, P2.536 billion more than its target P23.264 billion.
Data show that 10 out of 17 ports were able to meet their collection goals, with former supports of Limay and Aparri recognized as formal ports of entry on the list of collection districts.
Preliminary district reports also show the ports of Cagayan de Oro, Cebu, Clark Field, Davao, Iloilo, Legaspi, San Fernando and Tacloban were all able to meet their targets among the smaller ports.
Of the bigger ports, Manila and Batangas surpassed their targets last month.
Ports that failed to meet their targets were the major collection districts of Manila International Container Port (MICP) and Ninoy Aquino International Airport (NAIA).
MICP was P147 million short of its P5.67 billion target, while NAIA missed by P577 million its P1.935-billion target.
Port of Zamboanga, on the other hand, failed to meet its target b P3.5 million, and Subic Bay by P80 million.
Port of Surigao, only collected P400,000 of its programmed target of P4.3 million as most imports that entered the port were rice from the National Food Authority.
Rice imports are paid via the tax expenditure funds (TEF); or noncash payments by the Department of Budget and Management. These are then credited under the office of the commissioner – considered a separate collection district.
The office of the commissioner fetched P753 million from cash collections, and P2.688 billion in TEF collections.
Collections of the BOC, national government’s second-largest revenue earner, are expected to grow in double-digit terms next year on higher imports.
Based on figures the agency gave the inter-agency Developments Budget Coordination Committee (DBCC), BOC’s collection should rise to P300.059 billion. The figure is 12 percent higher than this year’s collection goal of P254 billion.
DBCC sets the targets for national government’s top collection agencies, like the BOC and the Bureau of Internal Revenue.
The Bureau of Customs (BOC) said it has surpassed its revenue target in August after most ports were able to meet respective goals for the month.
Preliminary data from the BOC show the commission surpassed its target by close to 11 percent or P25.8 billion, P2.536 billion more than its target P23.264 billion.
Data show that 10 out of 17 ports were able to meet their collection goals, with former supports of Limay and Aparri recognized as formal ports of entry on the list of collection districts.
Preliminary district reports also show the ports of Cagayan de Oro, Cebu, Clark Field, Davao, Iloilo, Legaspi, San Fernando and Tacloban were all able to meet their targets among the smaller ports.
Of the bigger ports, Manila and Batangas surpassed their targets last month.
Ports that failed to meet their targets were the major collection districts of Manila International Container Port (MICP) and Ninoy Aquino International Airport (NAIA).
MICP was P147 million short of its P5.67 billion target, while NAIA missed by P577 million its P1.935-billion target.
Port of Zamboanga, on the other hand, failed to meet its target b P3.5 million, and Subic Bay by P80 million.
Port of Surigao, only collected P400,000 of its programmed target of P4.3 million as most imports that entered the port were rice from the National Food Authority.
Rice imports are paid via the tax expenditure funds (TEF); or noncash payments by the Department of Budget and Management. These are then credited under the office of the commissioner – considered a separate collection district.
The office of the commissioner fetched P753 million from cash collections, and P2.688 billion in TEF collections.
Collections of the BOC, national government’s second-largest revenue earner, are expected to grow in double-digit terms next year on higher imports.
Based on figures the agency gave the inter-agency Developments Budget Coordination Committee (DBCC), BOC’s collection should rise to P300.059 billion. The figure is 12 percent higher than this year’s collection goal of P254 billion.
DBCC sets the targets for national government’s top collection agencies, like the BOC and the Bureau of Internal Revenue.
Labels: boc, department of budget, MICP, NAIA
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