Customs collection falls in fifth straight month

Revenue collections at the Division of Customs fell for the fifth straight month in March, albeit by a mere .31 percent compared to February’s collection figures.

Records obtained from the division showed that total collections for March amounted to $3.96 million—slightly lower than February’s $3.98 million, or a difference of just $12,277.

The drop, however, is more dramatic when compared to the same period in Fiscal Year 2001. Compared to March 2001’s $5.06-million collection, last month’s revenue represent a steep 22-percent dive.

The declining trend in the monthly customs revenue collections continues a gently descending pattern that began in November last year, when collections last increased from $4.35 million in October to $4.44 million the next month.

Since then, customs collections have dropped, with the reductions ranging from 2 percent to as much as 4.4 percent. However, the March decline may yet signal a slow rebound in the economy, considering that, at .31 percent, it is the smallest drop in revenue collections on a month-to-month basis.

On a quarterly basis, the second quarter of Fiscal Year 2002 covering the period from January to March 2002 ended with an 8-percent decline when compared to the first quarter earnings of the division.

From October to December 2001, the division raked in a total of $13.13 million, or a difference of $1.05 million compared to the January-March 2002 earnings of $12.07 million.

It is, however, in fiscal year comparisons that the drop in customs earnings show significant changes, whether on a month-to-month basis or year-to-year.

The biggest decline was posted in January this year, which, at $4.14 million, showed a 27-percent plunge when compared to the $5.64 million in January last year.

The other biggest drop was in October 2001 immediately after the 9-11 crisis, which saw October 2000’s $5.82 million drop to $4.35 million, representing a 25-percent fall.

The first quarter collections of Fiscal Year 2002 covering the period from October to December 2001, which amounted to $13.12 million, took a beating when compared to the $16.09 million collected in the first quarter collections for Fiscal Year 2001. The difference is equivalent to an 18-percent decline that set the stage for the ensuing fall in the second quarter collections.

From January to March last year, the division collected a total of $15.52 million. This year, the same period gave the division only $12.07 million, or a 22-percent fall.

Division officials expressed hopes, though, that next month’s collections would improve on this month’s figures, particularly with the recent upswing in tourism activities.