The Bureau of Customs fell short of its collection target of P261 billion from the eight-month period this year by more than P58 billion or 4.25 percent but expressed confidence that it would be able to meet the P468-billion collection target for 2017.
Customs Commissioner Isidro Lapeña said that to generate more income, the bureau will implement the correct valuation by raising the benchmark from P40,000 to P80,000 per shipment.
“We have to collect at least P50.1 billion a month to meet the assigned target for this year. We have to correct the valuation of every shipment because at the current rate, the bureau is only collecting P35,000 for every container with a declaration of less than P1 million,” he said.
He said that each container vans worth P1 million should pay the proper duties and taxes of P80,000 to P120,000 which is the correct assessment.