BOC slashes import assessment valuation processing time to 3 days

The Bureau of Customs (BOC) has reduced the processing time for valuation requests under the Import Assessment Service (IAS) from five down to three working days upon receipt of the complete, required documents.

This is under a memorandum signed by BOC commissioner Ariel Nepomuceno on April 14.

The faster processing time for valuation requests under the IAS is aimed at improving trade facilitation, the BOC said in a statement.

The memorandum said the IAS should release a clearance within three working days of receiving the complete documentary requirements.

This is to ensure a “more predictable and streamlined valuation process for stakeholders.”

The BOC added that if the IAS is unable to issue clearance within the prescribed period, concerned ports may proceed with the processing and release of shipments, subject to full compliance with existing customs laws, rules, and complete documentary requirements.

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

He added that the timely submission of complete and accurate documents and the prompt action on valuation concerns also ensures the efficient issuance of value recommendations and the smooth movement of goods. — JMA, GMA News