TOYOTA Motor Philippines Corporation (TMP), the country’s automotive market leader, recently received a Level 1 accreditation under the Bureau of Customs’ (BOC) Authorized Economic Operation (AEO) Program. The BOC AEO accreditation process involves rigorous assessment and validation in accordance with the World Customs Organization (WCO) SAFE Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework). TMP is the first company in the Philippines to become an accredited AEO.
In a BOC letter dated February 7, 2022, the accreditation provides TMP the AEO Program benefits cited under Customs Memorandum Order No. 09-2020 that include exemption from the annual renewal of customs accreditation as well as self-assessment of duty and tax liabilities. The BOC will be accepting TMP’s goods declaration based on self-assessment subject to consistency with TMP’s trade documents. A help desk shall also be dedicated to assist TMP, as well as succeeding AEO members, on customs-related concerns.
Department of Finance Secretary Carlos Dominguez and BOC Commissioner Rey Leonardo Guerrero presented TMP its AEO certification during the BOC’s 120th Founding Anniversary Celebration at Rizal Park Hotel, Manila. In its presentation of TMP’s accreditation, the bureau recognized TMP’s “commitment to secure international supply chain and compliance with the WCO’s SAFE Framework of Standards.”
ASEAN is a heavily trade-driven region, ranking 6th among the major regional trade blocs in the world in 2020. Trade facilitation initiatives like the AEO Program complement the region’s efforts towards speedy recovery and are particularly beneficial to highly regionalized industries like automotive.
As the industry leader, TMP keeps up with global and regional developments to provide the best products and services to its customers. Faster and safer trade ultimately benefit customers by reducing delivery lead-time. TMP’s next goal is to achieve higher AEO levels. This supports the company’s drive for excellence, an achievement recognized with its recent conferment of the 2019 Philippine Quality Award for Performance Excellence.
The AEO Program was established in 2017 to comply with the commitment of the Philippines to implement international trade agreements and help attain mutual recognition status in relation to AEO or similar programs of other countries. As administered by the BOC, the AEO program shall facilitate and secure international trade while increasing the level of customs compliance through information and communication technology and risk assessment principles.
Leave A Comment