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What is General Transportation Surety Bond (GTSB)?

Updated: Aug 12, 2020

General Transportation Bond for Common Carrier.”




GTSB


MEMORANDUM CIRCULAR No. - 2016-018 Until further instructions, valid and outstanding LOA Bonds maybe accepted in lieu of the General Transportation Surety Bond (GTSB) required under paragraph 5 of the memorandum issued by Deputy Director General for Operations Mary Harriet O. Abordo dated January 28, 2016, subject "Pilot run of the PEZA electronic Zone Transfer System (eZTS).

This bond guarantees the transportation and delivery of all articles delivered to the carrier. The transportation and delivery should be done without delay and in accordance with laws and regulations to the Collector of Customs at the port of destination. The amount guaranteed includes the cost of all the proper charges and expenses incurred by the customs authorities or done at their instance by reason of transhipment.


BOC Protecting Revenues from Imported Goods


This bond is needed by operators of common carriers who have contracts for conveying dutiable goods for constructive warehousing or transportation to and from a port of importation to other ports. It is required by the Bureau of Customs to protect the revenue expected to be derived from the imported goods in transit.


Bond for Common Carrier