The Bureau of Customs said Wednesday collection rose 5.2 percent in January from a year ago, but fell below the monthly target amid the slump in global petroleum prices.
Preliminary figures from the BoC showed the agency collected P30.9 billion in January, up from P29.4 billion a year ago.
The actual collection in January, however, missed the target for the month of P39.2 billion by 21 percent, mainly because of weak oil prices that affected the tariff collection.
Crude prices in the world market fell below $30 a barrel in January, on large inventory and increased production, coupled with weak global economic outlook.
Data showed both volume and value of imports increased by 19.5 percent and 13.5 percent, respectively in January, despite the drop in oil imports by value.
Volume and value of non-oil imports increased 23 percent and 17.2 percent, respectively, which also resulted in increased tariff collection.
Non-oil source of the revenue collection grew 8.9 percent to P26.9 billion from last year’s P24.7 billion.
Collection sourced from oil, however, fell 14.6 percent to P3.9 billion from P4.6 billion registered in January 2015.
The agency said total collection was affected by the plunge of oil prices in the world market.
It said the 41.2-percent drop in the weighted average price of crude and petroleum products resulted in the decline of oil import value by 18.7 percent despite an increase in volume of oil imports by 8.4 percent.
“It is also important to note that non-dutiable value of imports due to free trade agreements, import promoting agencies and other special laws compose 70 percent of the total value of imports,” said Cecile Soriano, customs director for financial services.
Customs commissioner Alberto Lina said the bureau would continue to step up efforts to meet the monthly revenue targets despite the continuing drop in oil prices.
The agency also failed to meet its target in 2015, when it collected only P366.9 billion, or 16 percent short of the P436.5-billion goal for the year.