I. Objective

To provide a list of reference values to complement the Value Reference Information System (VRIS) so that correct taxes and duties shall be collected on imported commodities.

II. Administrative Provision

A. Composition of the CVT

The CVT created under CMO No. 39-98 shall be composed of representatives of the Bureau of Customs with the cooperation of industry representatives in accordance with the Memorandum of Understanding (MOU) of March 7, 1997 entered into by the BOC with private industry represented by the PCCI and FPI.  The following shall compose the CVT:
     

Chairman - Director, Imports & Assessment Service Vice-Chairmen

- Chiefs of the Formal Entry Divisions, POM, MICP, NAIA

Regular Members:

Director, Planning and System Development Service, MISTG
Director, Bureau of Import Services, DTI
Director, Compliance Assessment Office, PEAG
Head, Valuation Screen Working Group
Chief, Valuation and Classification Division
PCCI, 3 representatives
FPI, 3 representatives

Other private sector representatives, limited to two (2) others only

B. The CVT Secretariat

The CVT shall form a secretariat in accordance with CPO No. ________

C. The CVT Technical Working Group

The Chief of the VCD shall organize a Technical Working Group composed of Valuation and Classification Officers from the Division. Industry specialists from other units of BOC may also be tapped.

D. Jurisdiction:

The CVT shall have jurisdiction over the publication of values of imported commodities in the form of Revision Orders (RO).

III. General Provisions:

A. The CVT shall:

1.     Meet every week or at least twice a month or as often as the need arises.
   
   
2.     Formulate a plan for the integration of the ROs into the Valuation System implemented by the BOC.  Endorse to the VSWG and the VCRC RO's for consideration.
   
   
3.     Study, evaluate, review and deliberate on all petitions to publish or revise published values of commodities and submit its findings and recommendations to the Commissioner.

B. The Private Sector Representatives shall:

1.     Participate in the BOC's development of a database on the values of articles in their respective industries by providing copies of price published in technical international publications.
   
   
2.     Participate in the formulation of programs by the BOC for the proper valuation of imported commodities.
   
   
3.     Provide technical facilities and know how/expertise of Technical Experts to the CVT.

IV. Operational Procedures

1. Concerned importers/industries shall submit to the CVT Secretariat requests for updating/correction/deletion of published ROs with supporting documents which may either be copies of price lists from technical journals and reports from Commercial Attaches endorsed by BIS.

2. The CVT Technical Working Group shall evaluate these requests taking into consideration among others, the following:

a.    Source of value information
b.    Level of trade (CIF, FOB, etc.)
c.    Source of commodity
d.    Trade practices

3. The MISTG may be tapped where information from the Single Administrative Document (SAD) and VRIS are necessary to establish price trends giving due consideration to the confidentiality of business information of available.  The MISTG should also be responsible for developing and maintaining the CVT database.

4. BIS shall verify/gather value information from the Philippine Trade and Investment Centers or other reliable, objective, and internationally accepted sources of value information.

5. The CVT shall evaluate all the information gathered in order to arrive at the approximate transaction value.

6. The CVT shall recommend to the Commissioner actions to be taken relative to requests for publication/revision of reference values not later than twenty (20) working days from receipt of requests.

V. Repealing Clause

All Orders, Memorandum, Circular and parts thereof which are inconsistent with this Order are hereby deemed revoked, rescinded and/or modified.

VI. Effectivity

This Order shall take effect immediately.

Adopted: 30 July 2004