InterAksyon.com means BUSINESS
MANILA - The Bureau of Customs has failed to meet its revenue target for May.
Preliminary data from the bureau showed that it raised P24.75 billion last month, P3.59 billion short of its P28.34 billion goal for the period.
The bureau's revenue performance in May was, however, better than a year ago, as it managed to grow its collections by 13 percent year-on-year.
This brought the first five-month revenue tally to P119.71 billion, or 13 percent short of its P137.71 billion collection target for the period.
The end-May collections however were higher by 12 percent than last year's P106.89 billion.
Commissioner Rufino Biazon said forgone revenues are estimated to hit P85 billion this year on account of various free trade agreements that already took effect.
Given this, he said the government should review the agency's mandate with respect to raising revenues.
“In other countries, our counterparts were given a revenue projection instead of targets. The main job of their customs is trade facilitation. We should start thinking the same way,” Biazon said.
He said the agency is optimistic it could recover substantial revenues when its online inspection system takes place within the year, as the project will make the screening of imported cargoes available for viewing 24/7.
InterAksyon.com means BUSINESS
BUSINESS NEWS
