Customs' Posts P2.2-B Target Deficit
MANILA, Philippines - Doubts have begun creeping in on whether or not the Bureau of Customs (BOC) could deliver its revised collection target for this year of P340 billion, as it seemed to have started on the wrong foot with its P2.2-billion deficit in January.
Initial collection records from the BOC showed that it flopped in its collections in the first month of the year P24.454 billion, off its target mark by over P2 billion.
"Despite the shortfall, the collections improved and were higher compared with the same period in 2012," said the Customs insider who showed the Manila Bulletin the collection figures for January, 2013.
Last month's collections were higher by P2.46 billion vis-a-vis the P21.99-billion collection of the BOC last January 2012.
The BOC source added: "This is only preliminary; it (revenues) can still increase once all the collections from the ports come in."
The bureau's collections do not yet include the tax expenditure fund, or the paper revenues from the importation of the government agencies.
The official also pointed out that if the figures were based on a year-to-year basis, the revenue actually improved by about 11 percent. …