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(NAR) VOL. 18 NO. 1/JANUARY - MARCH 2007
[ BC CUSTOMS MEMORANDUM ORDER NO. 5-2007, March 02, 2007 ]
AMENDMENT TO CMO 27-97, CMO 27-97A, AND CMO 27-97B ON INSURANCE PREMIUMS FOR PURPOSES OF ASSESSMENT OF IMPORTS
To clarify questions on the applicable insurance premium pursuant to CMO Nos.
27-97, CMO 27-97A, and CMO 27-97B for shipments with terms of sale in C&F or FOB, the following are hereby issued:
Adopted: 2 March 2007
(SGD.) NAPOLEON L. MORALES
Commissioner
27-97, CMO 27-97A, and CMO 27-97B for shipments with terms of sale in C&F or FOB, the following are hereby issued:
- For C&F or FOB shipments with local or domestic insurance, the amount of insurance premium shall be the premium actually paid or ½ of 1% of transaction (FOB) value, whichever is higher.
The premium actually paid shall be certified by the insurance company and the certification attached to the IEIRD. If the certification from the local insurance firm is not presented the insurance premium shall be computed at 4% of the shipment’s FOB value. - For direct importations by the government, the original copy of the marine open policy issued by the Government Service Insurance System (GSIS) shall be attached to the IEIRD. The Bureau shall apply the GSIS insurance premium or ½ of 1% of transaction (FOB) value as insurance, whichever is higher.
Adopted: 2 March 2007
(SGD.) NAPOLEON L. MORALES
Commissioner