The Customs bureau’s re-venue collections in the first half rose by 9.43 percent year-on-year to over P430 billion, buoyed by a weaker Philippine peso amid a drop in import volume. Know more:
THE Customs bureau’s re-venue collections in the first half rose by 9.43 percent year-on-year to over P430 billion, buoyed by a weaker Philippine peso amid a drop in import volume.
The bureau’s first-half revenue collection accounts for 48.17 percent of its full-year target of P901.3 billion. Rizal Commercial Banking Corp. Chief Economist Michael Ricafort noted that the weakening of the Peso, which started last year, “effectively” increased the import value of goods this year. BSP data indicated that the Philippine Peso weakened by 4.34 percent to P55.8946 in June from the P53.5685 average exchange rate recorded in the same month of last year.
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