BOC-Legazpi receives first-ever fuel importation

The Bureau of Customs-Port of Legazpi is optimistic that it will hit and surpass its monthly revenue collections in the coming months and years after facilitating its first-ever fuel importation this week. In a statement Wednesday, the bureau reported that the port has welcomed its initial fuel importation, which arrived aboard MV Peninsula XI at the Port of Pasacao, Camarines Sur on May 8. The vessel is carrying 5,076,234 liters of Gasoil consigned to Jetti Petroleum Inc. The fuel is set to be marked in accordance with the Fuel Marking Program, mandated under the Tax Reform for Acceleration and Inclusion law. The fuel marking aims to curb smuggling and misdeclaration of petroleum products in the country and increase the collection from taxable imported and locally refined petroleum products. The new development was made possible through the initiative of Commissioner Bienvenido Rubio under the directive of President Ferdinand R. Marcos Jr., and the proactive approach of the Port of Legazpi, which became an authorized port of discharge for gasoline, diesel and kerosene arriving in bulk. It has paved the way for more companies to invest in Bicol and venture into importation. The port is also hopeful that the inclusion of Collection District V as an authorized port of discharge will encourage more investors to import fuel products.

Source: Philippines News Agency