By Analou De Vera, April 12 2019; Manila Bulletin

Image Credit to Business World

In line with its automation and modernization efforts, the Bureau of Customs (BOC) recently launched a new system that will ensure correct valuation of goods.

The BOC said that the National Value Verification System (NVVS) will ensure that updated and correct valuation of goods is being implemented in all ports nationwide.

The NVVS is a web-based system which Assessment officers may access to verify whether the value declared by the importer is the price actually paid or payable for the goods when sold for export to the Philippines.

“This system works as a method for determining and verifying the accurate value of a commodity. Under this system, the data is presented based on all aggregate importations of commodities per Harmonized System (HS) Code, specific description, and country of origin,” the BOC said in a statement.

“The system is also an effective tool in addressing the issue of benchmarking in the BOC through application of correct values of goods entering the ports,” it added.

The BOC said that the new system will help improve the revenue collection performance of the bureau and strengthen border protection against technical smuggling.

“We will provide the necessary tools for our customs officers to ensure fair and facilitated trade for all our stakeholders,” said Commissioner Rey Leonardo Guerrero.