Exec: Cebu port cuts 7-month revenue shortfall to P540M
THE Cebu Port has cut by 4.5 percent or P540 million its revenue shortfall in the first seven months of the year.
Acting Cebu Customs District Collector Rico Rey Francis Holganza said yesterday that the Cebu Port exceeding its revenue targets in June and July had helped cut the deficit of their target P11 billion revenue collection for the seven-month period of the year.
The Cebu Port collected P1.71 billion in duties and taxes last month, exceeding its P1.68 billion target and registering a P28.7 million surplus for July this year.
“Among the 17 collection districts nationwide, Cebu ranks second in terms of performance,” he said.
He said the Zamboanga port is first in terms of performance mainly because its collection target for January to July is only P99.7 million while Cebu’s is more than P11 billion for the same period.
The Bureau of Customs (BOC) registered a revenue shortfall in regional ports under its supervision in the last six months of 2016.
According to a recent Inquirer report, the office logged a deficit of nearly P50 billion from January to June this year, with ports in the provinces accounting for more than P6 billion of the deficit.
The Cebu Port had a P621.2-million deficit in the first six months, trailing behind Subic with P2.13 billion, Davao City with P1.23 billion, and Cagayan de Oro City with P808.6 million.
All ports under the supervision of the BOC were unable to hit revenue targets in April and May.
Holganza earlier stressed that the BOC is dependent on the imports that come in and that without these, they have no income.
A huge number of imported power and oil products coming in through the port contributed largely to the increase, Holganza said in a previous report.
Holganza also highlighted the importance of constant communication with brokers and importers to remind them to file their entries as soon as their shipments arrive in Cebu.
Federico Escalona, executive director of the Philippine Exporters Confederation (Philexport) in Cebu, said that the reason for the shortfall was the global economic slowdown rather than poor performance of the bureau.
“It has been reported that for 14 straight months until now, exports have been registering negative growth,” he said.
He added that many experts are predicting this situation will continue until next year.
Escalona, however, could not speak on behalf of importers.
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