“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
“General Transportation Bond for Common Carrier.”
The amount of the bond shall be recommended by the Collector but shall not be less than P10,000.00, depending on the expected volume if goods to be transported during the calendar year.
Bond Validity
The term of the bond is one calendar year.
"Article taken from CORPORATE SURETYSHIP (page 111) published by Philippine Association of Surety underwriters" Philippine Copyright 1998
GTSB Requirements
Bureau of Customs requires submission of the following documents when filing "General Transportation Surety Bond" in various ports within Philippine territory:
1. Notarized Affidavit of Undertaking.
2. Dutiable taxes for the past three months.
3. Secretary’s Certificate with Board Resolution authorizing a person to sign the bond application.
4. Valid ID of authorized signatory with three specimen signature.
5. Valid ID of Corporate Secretary with three specimen signature.
6. Updated General Information Sheet (GIS).
7. Updated PEZA Certificate.
8. Latest COR and Tax Exemption (for Freeport Zone locator).
Note: Additional requirements for BOC Clark.
* CCPS Ticket
* ABMS Details
The BOC strictly go over these documents assessing it one by one prior to the release and transport of cargos from a port of importation to other ports.