BOC misses November target

MANILA, Philippines - The Bureau of Customs missed its collection goal for November as revenue growth slowed sharply to less than half of the previous month’s expansion due to the drop in prices of imported petroleum products.

In a statement, the BOC said its revenues rose 10.5 percent to P31.22 billion in November from P28.254 billion in the same period last year.

Despite the growth, the latest figure was still 16.4 percent  lower than the collection goal of P37.33 billion.

During the month, the volume of imported goods jumped 26.3 percent  as consumer demand peaked for the yuletide season.

However, the price of imported petroleum products, which accounts for about one-fourth of the BOC’s revenues, continued to drop.

The price of oil has fallen by more than 40 percent since June from $115 a barrel after the Organization of Petroleum Exporting Countries, which controls nearly 40 percent of the world market, failed to reach agreement on production curbs.

The value of motor vehicle imports, which comprises  about 16 percent of total revenues, likewise declined as consumers shifted preference to compact, fuel-efficient sedans.

Meanwhile, the ports of Batangas, Iloilo, Cebu, Cagayan de Oro, Davao, Subic and Aparri  exceeded their collection target for the period.

From January to November this year, the Bureau’s collections amounted to P328.96 billion, up 17 percent year-on-year.

The Manila International Container Port was the biggest contributor to BOC’s total revenues, chipping in P89.95 billion or 27.3 percent.

The Port of Batangas was the second major revenue driver contributing P74.13 billion to total revenues.

For December alone,  the BOC is programmed to collect P31.98 billion.

The Bureau is eyeing P408.1 billion in total collections for the whole year.