NorMin’s customs collection swells to P6B in 1st quarter

• Source:https://www.sunstar.com.ph/article/1812432
• Tuesday, July 2, 2019

By JO ANN SABLAD

NORTHERN Mindanao’s customs collections in the first quarter of 2019 has increased by 35 percent to P6.405 billion from P4.753 billion during the same period last year.

According to the data shown by the National Economic and Development Authority (Neda) in Northern Mindanao, the rise in the customs collections was attributed to the increase in the volume and value of importation of goods.

The strict implementation of the Custom Modernization and Tariff Act (CMTA) and the proper description of goods in tariff terms also contributed to the growth of collections for the said quarter.

The data further showed that the bulk of the collections was generated from the Mindanao Container Terminal Sub-port amounting to P4.329 billion or 68 percent of the total customs collections in the region.

This was followed by the Cagayan de Oro port with P1.284 billion or 20 percent of the total customs collections during the reference period.

The port of Ozamiz, meanwhile, posted a huge increase of 1,504 percent during the said period due to the entry of Sea Oil Philippines in the Ozamiz City, Misamis Occidental.

The Mindanao Container Terminal Sub-port (MCT-SP) also recorded higher than average increase of about 50 percent with the entry of Petron Corporation in Tagoloan, Misamis Oriental, according to Neda.

Last March, the Bureau of Customs-Northern Mindanao recorded 42 percent of the total collections for the quarter amounting to P2.645 billion of which 69 percent or P1.841 billion was generated from MCT-SP.

The MCT-SP exceeded their first quarter 2019 target by 25 percent with total collections of P4.329 billion. The rest of the ports in the region reported negative slippages in their actual collections vis-a-vis their respective targets for their quarter, Neda said.