Customs blames oil tariff removal for revenue drop

The Port of Limay in Bataan, Philippines, fell short of its collection goal as a result of the removal of the 3% tariff on oil importations, said Customs Commissioner Angelito Alvarez. Oil imports by Petron Corp. and small oil players such as Unioil Petroleum and Oilink International Corp. pass through the port. For August alone, Limay collected Php1.5 billion (US$33.94 million), half of its target. Limay’s shortfall told on the overall collection of the Customs bureau, which failed to meet its Php27.12 billion (US$613.69 million) revenue goal for the month of August. Estimates showed that the bureaus collection was down by 25% so far, Alvarez said. (September 10, 2010)