Monday, 21 October 2019 | 16:28
SPONSORS
View by:

Subic Port notches highest ever revenue

Thursday, 27 December 2018 | 00:00

The Port of Subic made history this year by collecting the highest ever recorded annual revenue amounting to P22 billion, surpassing the total P21.6- billion revenue goal for 2018.

The port’s P2.2-billion collection for the month of December already surpassed the monthly target by P270 million or up by 14.5 percent. The amount contributed to the annual surplus of P900 million or a deviation of +4.26 percent against its 2018 target.
Subic also posted a double-digit collection growth in the last quarter of the year, collecting import duties and taxes amounting to P2.182 billion in October, higher than its P2.095-billion revenue target for the month.

The actual collections of the port from import shipments in the entire month of November also reached P2.347 billion, the highest collection in its revenue history.

Last September, the port achieved a P93-million surplus for collecting P2.188 billion against its goal of P2.096 billion.
Subic has been consistently hitting an all-time high historical collection since the assumption of collector lawyer Rhea Gregorio.
“Port of Subic remains committed in its drive to collect revenues and vigilant in its efforts to prevent smuggling and the commission of fraudulent and illegal acts,” she said.

According to Gregorio, the positive performance of the port in ensuring that proper and correct duties and taxes are assessed and collected from import shipments is essential in meeting the collection target.

She also attributed the continuous improvement in Subic’s revenue collection to the implementation of tax reform law that imposed fuel excise tax hike and the higher exchange rate.

The government’s economic managers want the second round of the oil tax increase to push through due to the recent drop in world oil prices. Excise taxes on diesel and gasoline would be increased by P2 per liter effective Jan. 1, 2019.
Subic has been heavily relying on the entry of oil imports for its monthly revenue collections.

In February, then commissioner Isidro Lapeña Jr. came up with a memorandum stating that all district collectors, deputy collectors for assessment, chief of Formal Entry Division, examiners, appraisers and all personnel in charge of assessment of the collection districts who failed to meet the target will be relieved.

Lapeña designated Gregorio early September in Port of Subic, replacing district collector Segundo Barte Jr. who failed to meet the revenue goal for the month of August.

In attaining the revenue goal, Gregorio initiated a reform and impose new policy in Subic and pursued a strategic partnership with its stakeholders through constant dialogue and communication, which resulted to an increase in volume of importation by 50.52 percent compared last year. ​
Source: Manila Standard

Comments
    There are no comments available.
    Name:  
    Email:  
    Comment:  
     
    In order to send the form you have to type the displayed code.

     
SPONSORS

NEWSLETTER