Customs misses October revenue goal
MANILA, Philippines - The Bureau of Customs collected P26.807 billion in October, missing its revenue goal of P29.609 billion for the month.
However, the agency's October collections represented a 17.4% growth from its October 2011 collections -- the second highest annual growth recorded this year.
Customs Commissioner Ruffy Biazon said the revenues grew from last year due to higher tax take from petroleum companies.
The Customs is the government's second-largest revenue generating agency.
It was originally tasked to collect P357 billion in 2012, but this was downgraded to P347 billion after the agency said the target was too high.
The revised goal, however, is also increasingly becoming difficult to meet, said Biazon, who earlier vowed to step up the agency's campaign versus smuggling to shore up revenues.
In 2011, the Customs collected roughly P263 billion, P56.15 billion short of its P320-billion target.
The Customs and the Bureau of Internal Revenue are under heavy pressure to boost collections as the Aquino administration promised no new taxes in its term. The Aquino administration is pushing only for the amendments of the existing excise tax and fiscal incentive laws. - Rappler.com