Sunday, October 17, 2021
HomeBreaking NewsManila port implements automated bonds management for warehousing

Manila port implements automated bonds management for warehousing

  • The Automated Bonds Management System (ABMS) for general warehousing was fully implemented at Port of Manila on August 11
  • All electronically lodged warehousing goods declarations at the Port of Manila must have the approved bond policies attached when lodged in the E2M System
  • The BOC warehouseman at the Port of Manila should tag “Validate” the warehousing single administrative document in the E2M once it arrives at the warehouse

The Automated Bonds Management System (ABMS) for general warehousing is now fully implemented at Port of Manila, according to the Bureau of Customs (BOC).

In Office of the Commissioner (OCOM) Memo 121-2021, Custom Commissioner Rey Leonardo Guerrero said that Electronic-to-Mobile (E2M) System’s ABMS for the general warehousing bond (GBW) was fully implemented on August 11.

ABMS, a BOC-wide system for processing bond transactions, was established under Customs Memorandum Order (CMO) No. 14-2012 to monitor and manage bond balances and flag those that have matured.

With the system’s full implementation, all electronically lodged warehousing goods declarations at the Port of Manila are required to have the approved bond policies attached upon lodgment in theE2M System.

The BOC warehouseman at the Port of Manila should tag “Validate” the warehousing single administrative document (W-SAD) in the E2M System once it arrives at the warehouse.

The full implementation of the ABMS at the Port of Manila is in compliance with CMO 17-2021, which provides guidelines for implementing the GWB through the ABMS.

READ: BOC issues rules on general warehousing bond under ABMS

Under CMO 17-2021, the Port of Manila has been designated as the pilot port. In a separate OCOM memo, the GWB was made ready and available in the E2M System on June 15.

CMO 17-2021 aims to “effectively monitor the status of bonds from its posting up to its cancellation and expedite the settlement or collection of due and demandable bonds.”

The CMO applies to all warehousing bond accounts opened under the E2M Systemin all collection districts, including sub-ports and other offices.

The GWB will be exclusively used to secure the duties and taxes reflected in the W-SAD. A GWB is a form of security that guarantees that obligations to BOC have been satisfied.

Approved bond policies filed in the current year will expire on the 31stday of December of the calendar year.

With the implementation of CMO 17-2021, the current practice of charging against the GWB the amount of duties and taxes due on shipments for transit to CBWs will be discontinued. Instead, the CBW operator must open a bond account for the transit of the goods from the port of discharge to the CBW.

The CBW operator should create a bond account by submitting the bond policy electronically to BOC through an accredited value-added service provider. The CBW operator can add more bond policies in their account.

Once the goods declaration for warehousing is lodged, the Warehousing Entry System sends a request to the ABMS to charge against a particular bond account. If the goods declaration is cancelled, the ABMS cancels the amount charged and reverts to the previous bond balance.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

18 − twelve =

- Advertisment -

Most Popular

- Advertisment -