MANILA: The Bureau of Customs collected over P229 million from the Government Service Insurance System (GSIS) as payment for over thirty years of due and demandable bonds.
“These GSIS-issued Customs bonds like warehousing bonds, re-export 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 uncollected bonds amounting to P229,648,301.71 came from the three major ports in the country.
The largest collections were from the Manila International Container Port at P148.53 million for 176 bonds, followed by the Port of Manila at P65.97 million for 114 bonds, and the Ninoy Aquino International Airport at P15.18 million for 71 bonds.
According to Lina, the collections would 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,” he added.
