(MENAFN) According to the Philippine Bureau of Customs' (BOC), total customs collection in the first quarter reached USD2.08 billion, up 6.6 percent from the USD1.95 billion on-year, Xinhua reported.
However, BOC has failed to meet its revenue collection target for the first quarter of this year by USD250.35 million, the Customs' Commissioner said in a statement.
"The 53 percent decline in oil prices from the first quarter of 2014 to the first quarter of 2015 was the main factor in the slowdown in collection growth," the commissioner added.
Meanwhile, cash collection amounted to USD1.97 billion in the January-March period of 2015, increasing by 1 percent from the figure in the same period in 2014.
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