SUBIC BAY FREEPORT — The Port of Subic registered a P30-million surplus in Customs revenue as reflected in its actual cash collections versus target for the January-April period this year.
Figures from the Subic Bay Metropolitan Authority (SBMA) showed that Subic’s year-on-year cash collection performance in the four-month period reached P2 billion, surpassing last year’s record of P1.6 billion by 25.26 percent.
In April alone, the Bureau of Customs (BOC) here easily surpassed the target of P622 million after coming up with P623 million, the highest monthly cash revenue so far this year.
The Port of Subic, however, posted the highest monthly surplus on its actual cash collections in January when it exceeded its target by P25.61 million.
The surplus in March reached P21.92 million and P1.02 million in April, although actual collection versus target fell short by P18.54 million in February, the BOC said.
With this record, the Port of Subic emerged as one of the five ports in the entire country to surpass their target, joining Limay, which recorded a surplus of P456 million, Davao with P39 million, Zamboanga with P500,000, Legazpi with P100,000, and Clark with P10,000.
Overall, the BoC national office announced a shortfall of P3.3 billion, as it posted total cash collections at P21.88 billion, which is 13 percent short of its P25.19-billion target.
According to the Subic district office of the BOC, cash collections here are derived from duties and taxes paid for ship calls, transshipment operations, and the importation of various inputs, including oil, motor vehicles and other general merchandise.
The Subic-BOC also posted P102.21-million in non-cash collections derived from government-to-government transactions in January-April 2011. This was 97 percent lower than the P3.48-billion collection in the same period last year.
