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(NAR) VOL. 6 NO. 1 / JANUARY - MARCH 1995
[ BOC MEMORANDUM, March 10, 1995 ]
CUSTOMS BONDS ISSUED BY ACCREDITED SURETY COMPANIES IN THE CURRENT QUARTER IN 1995 SHALL BE ACCEPTED AND PROCESSED BY THE BONDS DIVISION
It has been observed that surety companies that are not accredited by the Bureau of Customs in the current quarter are issuing Customs bonds which are ante-dated in order to show that bonds were issued while they were still accredited.
This practice is fraudulent and a circumvention of our rules and regulations concerning the accreditation of surety companies issuing Customs bonds.
It is therefore directed that only Customs bonds issued by accredited surety companies in the current quarter in 1995 shall be accepted and processed by the Bonds Division. The Chief of the Bonds Division shall monitor the distribution and issuance of Customs bonds of accredited surety companies by indicating the Bureau of Customs control number for each bond before it is processed by the Bonds Examiner.
Violation of this Memorandum shall be dealt with accordingly.
Adopted: 10 Mar. 1995
(SGD.) LICERIO C. EVANGELISTA
Deputy Commissioner