MANILA, Philippines - The Bureau of Customs did not meet its revenue collection target of P25 billion in May, Commissioner Angelito Alvarez told reporters on Thursday, adding it was due in part to lower imports of petroleum products.
"The May collection target was mission impossible, but what we’re glad to report is that last month’s collection was higher compared with a year ago’s cash collections," he said.
Data from the Bureau of Treasury showed Customs collected P24.119 billion in May last year. Of the amount, non-cash collections accounted for about P5.576 billion.
The government ran a budget surplus of P61 million in the first four months of the year, well ahead of projections of a first-half deficit of P152 billion. The better-than-expected performance was largely due to lower government spending after delays in implementation of infrastructure projects.
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