{"id":39786,"date":"2015-01-26T13:56:36","date_gmt":"2015-01-26T05:56:36","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=39786"},"modified":"2015-02-01T10:53:38","modified_gmt":"2015-02-01T02:53:38","slug":"customs-chief-says-drop-in-oil-prices-means-up-to-p40b-lost-income-for-boc","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/01\/26\/customs-chief-says-drop-in-oil-prices-means-up-to-p40b-lost-income-for-boc\/","title":{"rendered":"Customs chief says drop in oil prices means up to P40B lost income for BOC"},"content":{"rendered":"<figure id=\"attachment_9080\" aria-describedby=\"caption-attachment-9080\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/fuel-oil-prices.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-9080\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/fuel-oil-prices.jpg\" alt=\"ShutterStock image\" width=\"1000\" height=\"750\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/fuel-oil-prices.jpg 1000w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/fuel-oil-prices-300x225.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/fuel-oil-prices-600x450.jpg 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption id=\"caption-attachment-9080\" class=\"wp-caption-text\">ShutterStock image<\/figcaption><\/figure>\n<p>MANILA, Philippines \u2013 On account of the downward trend in the worldwide price of oil, the Bureau of Customs (BOC) says it will lose as much as P40 billion a year.<\/p>\n<p>This was revealed by customs commissioner John Sevilla, who said that the global overstock of oil \u2013 which has, in turn, resulted in a drop in oil prices \u2013 will also cause collections from oil to go down.<\/p>\n<p>Sevilla pointed out that 22 percent of customs collections in 2014 were derived from oil imports, and that the drop in prices is now being felt by the agency.<\/p>\n<p>\u201cCompared to this time last year, we\u2019re below 50 percent in terms of price,\u201d Sevilla said, noting that the BOC made around P370 billion in revenues last year; 20 percent higher than in 2013, but still lower than their target of P408.1 billion.<\/p>\n<p>Global oil prices have dropped by over 50-percent since September 2014, due to an oversupply of the product, coupled with a lukewarm demand, especially in the European and Asian markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA, Philippines \u2013 On account of the downward trend in the worldwide price of oil, the Bureau of Customs (BOC) &hellip;<\/p>\n","protected":false},"author":44,"featured_media":9080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19],"tags":[],"class_list":["post-39786","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","mauthors-angie-duarte","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/39786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=39786"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/39786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/9080"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=39786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=39786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=39786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}