MANILA, Nov. 4 (PNA) — Some sectors are elated over the continued drop of oil prices but some are not, including the Bureau of Customs (BOC).
In general, the decline in oil prices is positive for commodity prices, among others, but it is a negative for BOC revenues, Commissioner Bert Lina said.
Thus, he is mulling to request for a cut in the bureau’s PHP495 billion collection goal for 2016 given the current oil price environment.
Prices of oil in the international market is now about USD45 per barrel from over USD100 per barrel in recent years, Lina noted.
The BOC chief said their collection goal is usually hiked by about 20-25 percent annually.
He explained that since revenues from oil taxes account for about 30 percent of the agency’s collections, it would be hard for them to meet the target.
Asked on whether they will request for a reconsideration of their collection goal for next year, Lina said “We will.”
He, however, stressed that they will give their best to still meet the target since it has been set by the inter-agency Development Budget Coordination Committee (DBCC).
He also noted that since the Philippine peso has stabilized, this can somehow aid the agency in the spiraling oil prices.
To date, the agency has lost about PHP50-75 billion in revenues due to drop in oil prices, he said.
As of end-August this year, the agency’s collection reached PHP235.6 billion.
The bureau’s 2015 revenue goal is PHP436.5 billion. (PNA)