MANILA, Philippines - The Port of Manila (POM) emerged as the best performer in the entire Bureau of Customs (BOC) as it exceeded its 2010 collection target of P50.2 billion by P3.523 billion.
The POM, under district director Rogel C. Gatchalian, posted a full-year collection of P53.723 billion despite various external factors such as the implementation of various free trade agreements that reduced tariff rates on oil, steel, motor vehicles, semi-conductors and electronics per report submitted by the financial service of Customs. Foregone revenues as a result of the implementation of free trade agreements increased to P8.39 billion in 2010 compared to P4.41 billion in 2009.
The P53.723-billion collection for 2010 represents purely cash collections and does not include tax expenditure fund (TEF) or commonly known as deferred payments.
Gatchalian, who assumed his post in November 2009, said the target of the port was increased by P1.65 billion from P48.55 billion to P50.2 billion.
Leading the collection effort of the Port of Manila is the formal entry division, headed by Antonio Meliton Pascual, which accounted for 77.53 percent of the total collection of the port, exceeding its annual target of P38.38 billion by collecting P39.48 billion.