Daily News

January-May Customs take down 16.5% to P210.2 Bn

Revenues collected by the Bureau of Customs (BOC) for the first five months of the year plunged by 16.5% year-on-year to P210.18 billion from P251.71 billion in 2019 as collections on nearly all major imported commodities suffered a bloodbath due to the pandemic. The bureau also missed its P213.51-billion collection target for the January to May period by 1.6% or P3.33 billion. Total revenues collected by BOC on imports dropped by 17.6% to P204.38 billion as of end-May this year from P248.06 billion last year. On the other hand, total import volume slipped by 16.8% to 40.058 billion kilograms from 48.132 billion kg across all commodities for the same period.