BoC to hasten valuation requests

THE Bureau of Customs (BoC) has committed to faster processing of import assessment service (IAS) valuation requests to enhance trade facilitation.

In a statement on Thursday, Customs Commissioner Ariel F. Nepomuceno said that he has directed all ports to strictly observe the prescribed turnaround time for valuation requests under IAS.

Mr. Nepomuceno signed a memorandum on Tuesday that mandates the IAS to reduce the processing time to three days upon receipt of complete documentary requirements from five days currently.

According to the BoC, the memorandum aims to ensure a more predictable and streamlined valuation process for stakeholders.

In the case that the IAS will not be able to follow the prescribed period, the BoC said that concerned ports may proceed with the processing and releasing of shipments as long as they are fully compliant and have complete documentary requirements.

Apart from faster processing, the IAS also reduced the required signatories for IAS clearance from four to three, in compliance with the Anti-Red Tape Authority guidelines.

“We must ensure that valuation concerns are acted upon within the prescribed period,” said Mr. Nepomuceno.

“Delays in processing must be minimized, and all units are expected to exercise diligence and urgency in the submission and evaluation of complete requirements to ensure that trade flows without unnecessary interruption,” he added. — Justine Irish D. Tabile