DEPARIM BUREAU Fa oy CUSTOMS SevoRARDUM. ORDER REPUBLIC O} ‘ 4 ara OCT 1 9208 3.2d must have an authe| engage in surety busi 3.2.2 must be a holder of Insurance Comirissior time of application/rep opie for SUBJECT: Guarteriy Accreditatiog of Surety Companies and Renewal oll Accreditation 1. OBJECTIVES 11 To ensure that only those surjly companies in good standing shall be authorized to underwrite bos ar the performance of various obligations of the impoiter, a5 uliowed we the law, rules and regulations 1.2 To ensure that the interests of th imonent are amply protected with the bonds issued by Sy te 1.3 To provide 3 mechanism for sulety companies to settle their outstanding accountabilities - 2 SCOPE | This Order shall cover the and documentary requirements in the quarterly accreditation of surety domoanies and the renewal of such accreditation. 2. GERERAL PROVISIONS 3.4 Only surety compan @ oh (BOC) shall qualify for accreditation in accordance with this Order. 3.2 To be in good standing, @ suret} company: fly Wom the Giice UF Wie Presidene io 4 Certificate of Authority duly issued by the . whicn 6 id and effective at ewal and for the duration of the periodmust not have, as an ntity by itself, any due and demandable lebitties with BOC 2t ule time of toe oe renenal; | “ 3.24 must have seltied at least 709 of Its outstanding obligations as & Surely Company of flersons/entities having transactions with BOG, if any, as of thel a: the irumeriately:p 5 quarter (eg,, as of Ja oplication fur accreaitation for the 4” Quarter) i 33° The accreditation of the surety EnPeNy shall be Good and effective for a Period of one quarter, renayra! Nel ar r “ eicoraale with this Order. For this Buipose, P caistidar year is civided as follows: 4° Quarter, January-March; 2" 6, larter, Apri-kna; 3 Quarter, July- September, 45 Quarter, October ber, 34 COUpBAIES shail Ge fled with and the Port where the surety companies fash to be accredited, reviewed Ur the Collection Service, and upon the laters recommendation shall bd approved ty the District Collector 3.3 Ne bonds shail be honored or accppted fry eny port Unless issued by 3 Surety company accredited in alcordance with Uhis Order, covering Iansections falling within the juristicton of qe sollection district of the Port where it is accrecied, and within the Period covered by its actreditalion. Apotication/ Renewal of Aacreditation 4.1 Ab the Bonds Division 44-1 The surety company shall submit 9 written application/request for renewal not later (hep 15 dave erier fo the onset oF Quarter epplicd for, 41.2 The application must be afcompanied and Supported by, tn the Original or duly authenticattd copy, af the following: Administrative - ‘Sued by the Office of the President grantings authority ty the firm to engage In surety business;413 4.5.2.3 ALAS g - 2h- MAB Certificate of Authority fs by the £ e Cominission, indi among others, its validity at the ine of the [application/renewal and for the duration of the qualter being applied fr; Copy of the latest audited annuci nancial statement of the surety compeny, but not exceeding one year at the lime of the appboation/reneveal; Certification of the) firm indicating ani officer authorized & authorized official initials, and | thumborints; attesting to the authority of the sign thre bond, and exhibiting the three (3) specimen signatures, fons on the right and left hands Statement under jath by the Corporate Secretary within the 30% thie immediately preceding quarter. ah the computation of the 30% threshold of unsettied ‘obligations, ail accounts on bonds of a surety firm shall be sensidered up to the extent @ anor UNE oF unsettled, including but not limited te actounts on bonds: 4134 4AB2 4132 4134 ‘That are subject of existing compromise or staggered payment arranaerdhés; ‘That are subject of fending court litigation; That have been sequestered fom bond principals, importers or consign That have been issued involving valuation and classification Issues/cases, ye hi42 446 Al the Collection Servios Add Lt) ~ FiLOL For purposes of computing the: 30% ‘Ureshold, the Bonds Division shail prepare which shall disciese the fallowing information about outstanding: accounts of the applicant surety com the immediately preceditig Guarter: 4141 Kindo Bond | 4.1.4.2 Bond Number | 4.142 Amount of Bor 4.14.4 Name of Pringfjai/importer/Consignes 4.1.4.5 Import Surety Humber 4A4.6 Amount of chatges ‘The Outstanding Accouny Worksheet shail be cerlified tue and correct by the Chief, Eonlis Division, and a copy thereof stall be furnisher’ lo the applicapt surety company; Chief, Liquidation and Biting Division; condemed warehouse aneratiny divisions: and other concemien offices. On the bases of the above submissions, the appication shall be processed and completed by the Bonds Division within seven 7) days from receipt ail apclicstion vith the shove required supporting Cocuments, bj incorsieg the seme to the Collection Service fer review/approgtiate action, with a covering summary of is findings as te the *bithenticity and validity of af required Supporing documents, llattaching thereto Ovlstanding Account Worksheet, sirowbing wie current accountability applicant surety company that the same is within the 30%) Uveshold a5 of the firs} day of Lhe immediately preceding quarter. Upon receipt of the inks Collection Service shail refiew a! ns, Carticuiarly with respect io the authenticty and veriuky of the documents submitted ard the complanes with the 30% threshold ru review precess shall be covipieted within saven (7) cays. Th the conduct of the review, : With the concerned offices, such ag, the Liquidation and Billing Divisions. Tax Exempt | Divist warehousing operations Givisions, 35 well as withithe various ports to ensure that all outstanding obligations off the apoticant surety commeny ere taken into acrourit. a ee may tybd -B2. 08 & 423° AS part of the review DrOWESS, the Chief, Collection Service, may recommend 3 se oF ‘OF the. woud aches: eaianced liquidation of the outstal paing accounts from previous years’ accountable With the rfore recent ons, I 424 TF in onder, the 8 apolicationfrenewal to the concemed istict Collector for approval, otherwise, it |shail advise the applicant surety company of Its action on the matter accordingly, copy furnished the Chief, Bonds Division dnd the CAice of the Commlssionar. 4.3 Ai Whe Office of the District Coifector 4A ‘Upon receipt of the rsement of the Chief, Collection Service, the District Con ‘shall, within = ag accordingly en the appicaton., 4.3.2 . the District Collector shalt approve the application, ying the quarter thd accreditatics effestive and such ather conditions, # any. 43S In case the application fs Proved, or for such other action, Une District Collector shi ave the applicant surety company accordingly, copy fucnisty Bonds Division. | ACCOUNTARILETIES ! SL The District Collector and the Chief, Cbilection Service snail be responsible for the smooth, Proper and effective! implementation of his Order in alt cates, under ihis/her jurisdiction, shes it applios 5.2 The concemed Customs officers andj personnel are diresed to perform their responsibilities as required h ir 53 AI signatories to any certificata/rene REPEAL CLAUSE All customs orders, rules, regulations or parts this Order are hereby repealed or modified act Hable for any jlav//defect touna ine féquired under thereof that are inconsistent with rei. tyr7. EFFECTIVITY CLAUSE ‘This Order takes effect immediately uy Pad ~ de O2 on signing, A, { l i J\ thaw IANTONIG M. BERMARDG | t | | i