The inter-agency Development Budget Coordinating Council (DBCC) is revising the projected revenue collection of the Bureau of Customs (BOC) to P91.88 billion this year from the original target of P84.02 billion.
The revised target accounts for 2.8 percent of gross domestic product (GDP) or the sum of goods and services produced in a country at a given period of time.
The P91.88-billion collection goal is expected to come from import duties amounting to P62.94 billion and VAT on imports totaling P28.93 billion.
In the next five years, the BOC is expected to improve its revenue collection from P100.46 billion in 2001, P108.66 billion in 2002, P133.68 billion in 2003 and P117.46 billion in 2004.
The Bureau of Treasury (BTr), on the other hand, is expected to experience a drop in income to P23.38 billion this year from P26.18 billion in 1999.
DBCC attributed the decline to the expected decrease in income from deposits of the Bangko Sentral ng Pilipinas (BSP) which is seen to drop significantly to P594 million this year from P2.22 billion in 1999.
Income from other banks, meanwhile, is seen to increase to P498 million in 2000 from P482 million in 1999.
BTr's income from investments is also expected to drop to P11.3 billion this year from last year's P13.29 billion. The P11.3 billion will come from P5.73-billion income from securities investments; P5.37 billion from dividends and P218 million from advances to government-owned and controlled corporations (GOCCs).
Other income of BTr is expected to come from Philippine Amusement and Gaming Corp., P5.7 billion; airport terminal fees, P255 million; and P3.31 billion from miscellaneous income.