THE Bureau of Customs (BOC) was able to collect some P230 million from the due and demandable bonds issued by the Government Service Insurance System (GSIS).
The unliquidated bonds totaling P229,648,301.71 came from the bureau’s three major collection districts.
The bonds fell due and demandable over the last 27 years.
The largest collection of P145.53 million, representing 176 bonds, came from Manila International Container Port, followed by P65.97 million (114 bonds) from the Port of Manila and P15.18 million (71 bonds) from NAIA (Ninoy Aquino International Airport).
“These GSISissued Customs bonds like warehousing bonds, reexport bonds, and surety bonds were not liquidated and cancelled by importers that is why they became due and demandable dating as far back as 1976 up to 2003,” said Customs Commissioner Alberto Lina.
“The amount collected would augment government funds and may be used to finance government projects. We are happy with the development as we are now getting paid for unliquidated bonds spanning over several decades. It is good that GSIS President Vergara wanted to clear it from their books,” Lina said.