The VT is composed of representatives from the BoC, the Philippine Chamber of Commerce and Industry and other private sectors. Its main role is to study, evaluate and review and deliberate on all petitions to publish or revise published values of imported articles.
The VT is also tasked to formulate a plan for the integration of the prevailing prices of imported commodities into the VRIS. It will also assist the BoC in the development of a database on the values of the articles for the purpose of proper valuation.
In an order issued by BoC commissioner Antonio Bernardo last week, the operational procedures were spelled out on how to arrive at the correct values of imported commodities.
Concerned importers and industries shall submit to the VT requests for updating, correction, deletion of published prices of imported articles published with supporting documents which may either be copies of price lists from technical journals and reports from commercial attache’s abroad.
The VT’s technical working group shall evaluate these requests taking into consideration the source of information, level of trade, source of commodity and trade practices. The VT shall then evaluate all the information gathered in order to arrive at the correct transaction value.