MANILA, September 1 (PNA) — Revenue collection of the Bureau of Customs (BOC) in the first seven months of 2014 grew by 18 percent or Php203.86 billion year-on-year.
In a statement, the bureau said that the growth was posted from January to July this year, due to the continued improvements in valuation as well as a marginal increase in the volume of imported goods.
Likewise, the collection for July reached P30.46 billion, or an increase of nine percent (9%) over the same month in 2013.
The import volume and revenues of Port of Manila and the Manila International Container Port, average daily collection improved to P1.44 billion, versus P1.2 billion in July 2013 despite operational disruptions brought by Typhoon Glenda and port congestion.
Importation of finished petroleum products, which accounts for about 17% of total revenues, grew 34.5% year-on-year in July 2014, primarily due to an increase in imports of diesel and liquefied petroleum gas (LPG).
But, the average value was down 18.5%, consistent with global market trends for oil prices.
Crude oil imports, which is 11 percent of the BOC’s total revenue, also expanded 20%.
On the other hand, importation of motor vehicles, which account for a 15% share of total BOC collection, expanded 22% on increasing demand for cars.
The importation of food items; iron and steel products; as well as electrical machinery and equipment also contributed to the revenue growth.
Meanwhile, revenues from Luzon ports, which include Batangas, Subic and Limay, grew an average 26%, while those in the Visayas and Mindanao posted average revenue collection growth of 18% and 11%, respectively, as a result of the economic expansion in Cebu and Davao.
In Metro Manila, the Port of Manila, Manila International Container Port and the Ninoy Aquino International Airport—which account for the lion’s share of total BOC revenues—revenues were flat year-on-year despite the continuing congestion at the ports. (Philippine News Agency