Important change for data between China and Philippines
publisherkay
time2019/01/09
- it is clear that the Philippine Customs has been very concerned about the underreporting. If you encounter a Philippine customer opening, you need to do a 50% invoice amount, or carefully measure the risk!
The value recorded by the Philippine Customs from China is significantly different from the value recorded by the Chinese Customs for export to the Philippines. In 2010, the difference was as high as 60%, 57% in 2015, 48.7% in 2016, and 48% in the first seven months of 2017.
Therefore, the Philippine side requested the Chinese Customs to transmit the import and export data of China and the Philippines between 2015 and 2017, and the monthly and quarterly import and export data of the Philippines in terms of commodities in 2018.
Although there is no news yet that such a system has been launched, it is clear that the Philippine Customs has been very concerned about the underreporting. If you encounter a Philippine customer opening, you need to do a 50% invoice amount, or carefully measure the risk!
