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Tuesday, August 16, 2005
BOC lost chance to earn P273M
The government could have earned revenues amounting to P273.6 million as of last Dec. 31 had the Bureau of Customs
(BOC) Records Port of Cebu forfeited the outstandingmatured bonds covering 259 unliquidated warehousing importations of Atlas Consolidated Mining and Development Corp. (ACMDC).
The Commission on Audit (COA) report signed by Regional Cluster Director Marcelita Sarmiento also said the amount does not include the two percent penalty per month.
State Auditor Leila Socorro Domantay and Audit Team Leader Natividad Abellana conducted the audit during the
incumbency of then district collector Billy Bibit, who was assigned in Cebu from July 16, 2002 to April 2005.
Records
The COA report, which Sarmiento recently forwarded to Port of Cebu District Collector Ma. Lourdes Mangaoang, said existing records showed several warehousing entries covering the importations of ACMDC, which have not been liquidated.
It also said that corresponding bonds, which are equivalent to 100 percent of unliquidated entries, have not been forfeited in favor of the government despite their maturity.
The ACMDC, located in Toledo City, stopped operating 11 years ago. But it will soon reopen, according to Joseph Macero, mining division officer-in-charge of the Board of Investment.
Domantay and Abellana said the bonds were only issued by three insurance companies—Stronghold Insurance Corp., Utility Insurance Corp. and Intra Strata Insurance Corp.
If these insurance companies do not pay BOC, the amount of P273.6 million will increase because of the two percent penalty every month, the COA auditors said.
They also said that it can be gleaned from the Schedule of Summary of Matured Bonds with Corresponding Warehousing Entries and Sureties, as of Dec. 31, that some bonds had expired as early as Sept. 18, 1991.
Regulatory
According to BOC regulations, imported raw materials used in the manufacture of finished goods intended for export may remain in a bonded warehouse for a maximum of one year.
After the lapse of six months from expiry date, the bond should be forfeited in favor of the government. Materials not used in the manufacture of goods for export within the prescribed period will be paid the corresponding duties.
Port of Cebu Legal Officer James Edward Dy Buco explained to the state auditors that ACMDC officials signified their intention to pay their obligations once the firm gets back on its feet.
However, Dy Buco said the ACMDC accounts were submitted to the office of the customs deputy commissioner, who will sign the complaint if ever the BOC decides to file charges against the mining firm. (EOB)
(August 16, 2005 issue)
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