MANILA (Mabuhay) – Bureau of Customs (BOC) collections fell short of target in the first quarter.
In a report, the bureau said it raised P86.5 billion in the first three months of the year, or 26 percent more than the P68.8 billion raised in the same period of 2013.
The BOC ascribed the increase to higher volume and an improvement in the valuation of imports, as well as to a slight increase in number of working days.
Despite the double-digit growth, the agency still fell short of its P94.8 billion target for the first quarter.
In March alone, the BOC generated P29.3 billion, or 34 percent more than last year’s P21.8 billion. But again, last month’s collection was lower than the bureau’s target of P33.2 billion for the period.
Customs Commissioner John P. Sevilla said “more aggressive reforms” will be pursued in the next 15 months. These include the return of pre-shipment inspection, centralized assessment service, and a single set of reference values for major commodities. (MNS)