Sen. Ralph Recto, committee chairman, said that most of the policy issues have already been threshed out during earlier hearings, and that only one or two more hearings are needed before they come out with a report.
The committee is wrapping up discussions on the issues of individual income tax reduction and fiscal incentives, he added.
Recto said two more hearings are needed for the anti-smuggling issue, which is closely tied to the rationalization of fiscal incentives.
The committee intends to come out with a bill that would be tailor-fit for various goods to ensure that smuggling is minimized or eliminated, he added.
Recto said there is a plan to increase penalties, fines and criminal liability for smuggling, but that there are a lot more elements to be incorporated in the bill.
Freeports and economic zones have created loopholes for smugglers, particularly on second-hand clothing and right-hand drive vehicles, he added.
Recto said there is an existing law against the importation of second-hand clothing, but that somehow they still find their way to consumers, most likely through the freeports.
"So whether it’s imported in a special economic zone or a freeport area, it should not be allowed for health, honor and smuggling issues," he said.
Recto said his committee is also looking at making transparent the foreign manifest and bills of lading by making these accessible through the Internet.
A committee that valuates imports, which include representatives from the private sector, would be created to guide the Bureau of Customs in the valuation procedure, he added.
Recto said the lack of manpower of the Bureau of Customs is one reason why smuggling is rampant at Customs bonded warehouses.
"We intend to exempt Customs from an administrative order issued by the President not agencies to hire personnel," he said.
Recto said the bill seeks to make Customs bonded warehouses liable for smuggling and would ensure that they are all properly accredited by the BOC.
The private sector has also suggested tapping the Government Service Insurance System (GSIS) to serve as the bonding company of Customs bonded warehouses and importers, he added.