BOC beats collection target for 4th straight month
The Bureau of Customs (BOC) exceeded its revenue target for the fourth straight month in April despite the suspension of excise taxes on kerosene and cooking gas amid oil shock from the Middle East war.
In a statement on Monday, the BOC said last month’s collection had jumped 15 percent to P86.4 billion from a year ago—the highest April collection in its history. The number also surpassed its monthly target by nearly 10 percent or P7.8 billion.
This was achieved despite the three-month suspension of excise taxes on kerosene and liquefied petroleum gas, which had taken effect on April 17, meant to cushion consumers from rising fuel costs.
Notably, excise taxes on diesel and gasoline—which carry higher levies—were not suspended.
“Even in the face of global uncertainties and policy shifts that affect our revenue base, we continue to deliver results that directly support government programs and national development,” BOC Commissioner Ariel Nepomuceno said.
Separately, Assistant Commissioner Vincent Maronilla said the depreciation of the peso helped offset revenue losses from the tax suspension.
As it is, the peso hovered around the 59 to 60-per-dollar range in April before breaching the 61 level toward the end of the month.
“We also won’t deny that the increase of the dollar has an effect on the value of our importable items. So, if you plus and minus the effect of the suspension of excise taxes, it’s mostly balanced out. The revenue efficiency of the BOC is what really affects our surplus,” Maronilla told reporters last week.
Maronilla said the agency had yet to compute full losses from the excise tax suspension, as it was still awaiting a complete month of data. He noted, however, that petroleum products have historically generated around P300 billion in annual revenues for the BOC.
He added that the agency would return to its above-P80 billion monthly target or P4.2 billion a day this May.
From January to April, total collections rose 6.4 percent to P325.8 billion from a year earlier. This exceeded its goal by 3.5 percent, or P11.15 billion, marking the BOC’s best performance relative to targets in the past 10 years.
