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The Philippine Iron and Steel Institute (PISI) has brought to the attention of the Bureau of Customs (BOC) the apparent undervalued freight costs of a shipment of 20,000 metric tons of reinforcing steel bars (rebars) from China.

A shipment of 20,000 metric tons of rebars arrived at the Port of Subic on November 2, 2016.  According to PISI, the consignee declared in its import documents freight and insurance costs totalling R1,925,168.00 or less than $2 per ton in freight and insurance costs.

PISI president Roberto Cola said in his letter to Subic Port district collector Carmelita Talusan that prevailing freight and insurance rates are: China to Hong Kong, $9 per metric ton; China to Singapore, $15 per MT; and $18 to $25 per MT to the Philippines.

Freight and insurance costs form part of the basis of determining the duties an import shipment should pay.

Cola, in a statement, cited that under the newly signed RA 10863 or An Act Modernizing the Customs and Tariff Administration, fraudulent declaration of import documents may result in the seizure and forfeiture of the imported goods.

According to Cola, the same consignee was involved in a controversial shipment of 5,000 tons of imported steel bars in May, 2016.

• [責(zé)任編輯：Licaixia]