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Philippine customs collection for Q1 reaches 2.08 bln USD

Xinhua, April 20, 2015 Adjust font size:

The Philippine Bureau of Customs' (BOC) total collections for January to March this year reached 92. 2 billion pesos (2.08 billion U.S. dollars), 6.6 percent higher than the 86.5 billion pesos (1.95 billion U.S. dollars) generated during the same period last year, a senior government official said Monday.

However, BOC has failed to meet its revenue collection target for the first quarter of this year by 11.1 billion pesos (250.35 million U.S. dollars), said Customs Commissioner John Sevilla.

"The 53 pct decline in oil prices from the first quarter of 2014 to the first quarter of 2015 was the main factor in the slowdown in collection growth," Sevilla said.

Cash collection was 87.3 billion pesos (1.97 billion U.S. dollars) in the first quarter of 2015, up by 1 percent from the figure in the same period in 2014.

Non-cash collection -- representing collections from imports of government agencies paid through credits to the BOC's account -- was 4.9 billion pesos (110.51 million pesos), compared to zero in 2014. Endi