Custom Basics
What government agency handles customs in the Philippines?
Bureau of Customs
What does FDA stands for?
Food and Drug Administration.
What is the primary method of customs valuation?
Transaction Value(actual price paid)
Which agency sets standards for agriculture imports?
Department of Agriculture (DA)
What is the VAT rate in the Philippines?
12%
Name one main purpose of customs procedure.
To collect duties/taxes, protect industries, or ensures safety.
Which agency regulates consumers product in the Phillipines?
Department of Trade and Industry.
How many valuation methods exist under WTO system?
Six
What does PNS stand for?
Philippine National Standards
What tax is added to certain luxury goods like cars?
Excise Tax
What electronic system does BOC use for processing imports?
E2M (Electronic-to-Mobile System)
Why are import permits required?
To ensure compliance and product safety.
What methods uses the value of identical goods?
Transaction Value of Identical Goods.
Why are product standards important?
To protect consumers and ensure quality.
Aside from duties, name two other customs fees.
Processing fees, port charges, documentary stamp taxes.
List three main steps in custom clearance.
Documentation, Inspection, Payment of duties and taxes.
Give an example requiring the FDA approval.
Medicine, Milk, or Cosmetics
What method is based on resale price?
Deductive Value
Give one example of a product requiring safety standards.
Electrical appliances, food, medicine.
If a car worth ₱2M is imported, what’s the duty at 20%?
₱400,000
They can be siezed or declared smuggled.
What can delay clearance if requiremnet aren't followed?
Non-compliance- shipment hed at port.
If none of the methods apply, what is used?
Fallback Method
Which two agencies handle product standards besides DA?
DTI and FDA
Why does undervaluation of goods hurt the economy?
It reduces government revenue and creates unfair competition.