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Manila Bulletin devider Business devider The Stock Market devider Toyota Philippines recognized as '2nd top importer' by BOC

Toyota Philippines recognized as '2nd top importer' by BOC

Published Mar 8, 2024 04:16 am

Automobile company Toyota Motor Philippines Corporation (TMP) was recognized by the Bureau of Customs (BOC) as the country's second top importer after evaluating the firm's duty and tax remittances last year.

The distinction was conferred to TMP during the BOC Founding Anniversary celebration at the Rizal Park Hotel in Manila on Feb. 13.

Toyota BOC 2nd Top Importer.jpg
In photo are (from left) BOC Internal Administration Group Acting Deputy Commissioner Michael C. Fermin, BOC Commissioner Bienvenido Y. Rubio, TMP First Vice President for Comptrollership Dennis Ben-Hur Escuro, TMP First Vice President for Manufacturing Michael Angelo Antonio, Department of Finance Secretary Ralph Gonzalez Recto, and BOC Post Clearance Audit Group Assistant Commissioner Atty. Vincent Philip C. Maronilla during the awarding of 2023 Top Importers.

According to TMP, it was lauded for remitting P44 billion in duties and taxes in 2023, contributing to BOC's annual collections.

TMP ranked second after Petron Corporation, which contributed P75 billion, in the top importer category. Following TMP were Pilipinas Shell Petroleum Corporation with P40 billion, Unioil Petroleum Philippines, Inc. with P28 billion, and Seaoil Philippines Inc. with P25 billion.

Aside from the award, TMP also received its Authorized Economic Operator (AEO) Level 2 certification, which grants the company the benefits of "simplified customs processes and priority" that comes with  "dedicated processing lanes, advance clearance, periodic lodgment, one-time exemption certificate, and expedited customs clearance for exports" under the AEO program.

The AEO program is a customs-to-business collaboration that seeks to make the movement of goods and trade more seamless and secure, especially for international supply chains.

Accredited companies were thoroughly assessed and validated to meet the criteria of the BOC, in compliance with the World Customs Organization (WCO) Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework). 

TMP already enjoys the perks of the Level 1 accreditation that exempts it from the renewal of BOC accreditation, allows self-assessment of duty and tax liability, acceptance of goods declaration, and access to a dedicated help desk.

It was the first company in the Philippines to get the Level 1 AEO certification back in 2022.

The company, which handles automotive manufacturing, sales, and distribution businesses, operates in BOC ports such as the Port of Batangas (POB), which is its primary importing gateway for Toyota and Lexus vehicle models, multi-sourced parts for production, and service parts from the Asia Pacific region.

POB also serves as the company's avenue to distribute automotive products to Toyota dealerships in Visayas and Mindanao and to export Original Equipment Manufacturer (OEM) parts and components produced by export parts suppliers.

 

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TOYOTA MOTORS PHILIPPINES Bureau of Customs (BoC)
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