Home » Uncategorized » Finance asked to fast track ruling on anti-smuggling scheme

LOCAL industries want the Department of Finance (DOF) to fast track issuance of its opinion on whether the Bureau of Customs (BOC) can tap private bank funding for an anti-smuggling scheme. The Federation of Philippine Industries (FPI) said the BOC is in dire need of funds to fully implement the Tariff and Customs Code of the Philippines.

The bank loans will be used to challenge valuation of imports, purchase goods and then auction them off through the compulsory acquisition scheme.FPI and the BOC have asked the DOF to rule on whether Customs may approach private banks for loans to implement the scheme. The scheme is expected to prevent losses of about P140 billion annually.

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