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CEBU CITY—The
Port of Cebu is confident the volume of imports would
pick up in 2008 to compensate for the declining value of
the dollar and the stoppage of operations of one of its
biggest importer in late 2007.
Cebu
customs collector Ricardo Belmonte told BusinessMirror
collections may be able to reach the target of some P5
billion for 2008 only if the volume of import would
compensate for the decreasing tax-base value of incoming
goods.
“We are
also working to improve the efficiency of our collection
and finding ways to make it easier for importers to
settle their duties,” Belmonte said.
Belmonte
said imports whose value are pegged on the dollar is
decreasing in “tax base,” where import duties are based,
causing collections to further shrink.
“We
understand the cause of the exporters who have to deal
with a weaker dollar, now they would have to earn less
because their products are pegged on the dollar,”
Belmonte said.
He said
government estimates show that for every peso drop in
the dollar’s exchange against the peso, some P3 billion
worth of revenues are lost, because of the declining
tax- base value.
He said
the closure of the motorcycle distribution of the Norkis
Group of Cebu, which contributed close to P25 million a
month to the collections of the customs in Cebu, has
hurt collection performance since August 2007.
Norkis
recently closed its section, which imported and
distributed Yamaha motorcycles in the
Philippines.
“We are
deeply hoping that the volume of imports would surge and
rally our figures,” he said.
“Based
on initial reports for January, I think we are getting
there.”
Belmonte
cited increasing figures for consumer goods and
electronics, which could pick up by 2008.
In 2007,
Belmonte said the
Port of
Cebu
surpassed by 38 percent its collection target of P4.6
billion. |
