Podcast
Questions and Answers
A _____ allows importers to take possession of their goods before all Customs formalities are completed.
A _____ allows importers to take possession of their goods before all Customs formalities are completed.
Customs Bond
What is a Customs Bond?
What is a Customs Bond?
A contract that ensures the performance of an obligation imposed by law or regulation.
What does Customs Bonded Warehouse (CBW) refer to?
What does Customs Bonded Warehouse (CBW) refer to?
A warehouse facility licensed by the Bureau to import, receive, and store goods without payment of duties and taxes.
What is the role of a Customs Bonded Warehouse Operator?
What is the role of a Customs Bonded Warehouse Operator?
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What are the Customs Facilities and Warehouses?
What are the Customs Facilities and Warehouses?
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What is the significance of the Goods Declaration?
What is the significance of the Goods Declaration?
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When was the Phividec Industrial Authority (PIA) created?
When was the Phividec Industrial Authority (PIA) created?
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The Philippine Ports Authority (PPA) is responsible for financing and operations of public ports throughout the Philippines.
The Philippine Ports Authority (PPA) is responsible for financing and operations of public ports throughout the Philippines.
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What does 'Security' refer to in customs terminology?
What does 'Security' refer to in customs terminology?
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What is the primary purpose of Customs Territory?
What is the primary purpose of Customs Territory?
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Who is responsible for assisting the Bureau of Customs in granting licenses for warehouse facilities involved in garments or textiles?
Who is responsible for assisting the Bureau of Customs in granting licenses for warehouse facilities involved in garments or textiles?
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Study Notes
Customs Bonded Warehouse (CBW)
- Customs Bonded Warehouse is a licensed facility for importing, receiving, and storing goods under bond without duty payments.
- The goods can be raw materials, accessories, packing materials for manufacturing into finished products for export or for storage.
- The process allows for goods to be stored and manipulated without paying duties and taxes until they leave the warehouse.
Customs Bonded Warehouse Operator
- A natural or juridical person with a license issued by the Bureau of Customs (BOC) to operate a CBW.
Customs Facilities and Warehouses
- These are facilities designated for the temporary storage of goods, established and authorized by the Bureau of Customs.
- They are used for holding goods during customs procedures and processing, before they are released for consumption, re-export, or other permitted activities.
Customs Premises
- These include customs offices, facilities, warehouses, ports, airports, wharves, infrastructure, and other spaces under the Bureau of Customs' control for customs operations.
- The BOC has exclusive management and direction over these premises.
Customs Territory
- These are areas under Philippine jurisdiction where customs and tariff laws are enforced.
Garments and Textile Imports Services (GTIS)
- A government agency under the Department of Trade and Industry that assists the BOC in licensing CBWs involved in garment or textile manufacturing for export.
- They are mandated to help the BOC in granting licenses to operators or to be a member or subcontractor of a warehouse facility in the garments or textiles sector.
Goods
- This term broadly refers to articles, wares, merchandise, and any other items that are imported or exported.
Goods Declaration
- A statement made in a prescribed form by the Bureau of Customs, indicating the entry procedure for imported goods and the details necessary for customs administration.
Lodgement
- The registration of a goods declaration with the Bureau of Customs.
Phividec Industrial Authority (PIA)
- Created in 1974 through Presidential Decree No. 538 to promote economic and social growth in the Philippines.
- It oversees PHIVIDEC Industrial Areas, including the 3,000-hectare PHIVIDEC Industrial Estate in Misamis Oriental (PIE-MO).
Philippine Ports Authority (PPA)
- A government-owned and controlled corporation under the Department of Transportation, responsible for managing and operating public ports in the Philippines, excluding the port of Cebu.
Security
- A form of guarantee, like a surety bond, cash bond, standby letter of credit, or irrevocable letter of credit, ensuring the fulfillment of an obligation to the Bureau of Customs.
Subic Bay Metropolitan Authority (SMBA)
- A Philippine government agency that plays a role in developing the Subic Bay Freeport and Special Economic Zone into a self-sustainable area promoting trade and investment in the zone.
Supplies
- Consumable and disposable indirect materials imported for maintenance, operation, and production within a CBW.
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Description
This quiz covers the fundamentals of Customs Bonded Warehouses (CBWs), their operators, and associated customs facilities. Understand how these licensed facilities allow for the duty-free storage and manipulation of goods. Explore the implications of these warehouses in customs procedures and their significance in international trade.
