The Bureau of Customs said Thursday its reduced its 2016 collection target to P409 billion because of low oil prices in the global market.
Customs collection this year was originally set at P498.64 billion by the inter-agency Development Budget and Coordination Committee. The new target was almost 18 percent lower.
The agency said of the total target collection, P402.5 billion would represent cash component, representing a 17.6-percent reduction from the cash collection target of P488.7 billion.
“The target recalculation comes after continuous decline in oil prices and level of imports in the recent months,” the agency said.
The recomputed cash collection target this year would be higher by 12.6 percent than the 2015 actual cash collection of P357.4 billion.
Actual collection in the first half of 2016 reached P190.6 billion. To reach the new target, the agency needs to collect P218.4 billion in the second semester.