Tariffs and Customs Terms E.1.52

Question 1

a Philippine government agency that mandates importer of petroleum products to comply with prior notice and reportorial requirements under the Downstream Oil Industry Deregulation Act of 1998 (R.A. 8479).

Answer 1

Energy Industry Administration Bureau

Question 2

a Philippine government agency that issues clearance for the importation of refined petroleum products, coal and coal derivatives, aviation gasoline, motor spirit, petroleum naphtha, kerosene, diesel oil, gas oils, fuel oils, bunker oils, lubricating oils, slop oils, low aromatic solvents of heavy petroleum oils, heavy oil preparations, and liquefied petroleum gas.

Answer 2

Energy Regulatory Board

Question 3

the value declared by the importer or broker in the import entry declaration.

Answer 3

entered value

Question 4

1. an intermediary storage facility where goods are kept momentarily for local distribution or eventual export,

Answer 4

entrepot

Question 5

a kind of specificity wherein the government subsidizes a particular company, or companies.

Answer 5

enterprise-specificity

Question 6

2. an intermediate center of trade and transshipment, like Singapore

Answer 6

entrepot

Question 7

a businessman.

Answer 7

entrepreneur

Question 8

the entry of imported merchandise into a particular port. Elements: a) The commodity must have previously arrived within the limits of the port of entry, b) The entry document, together with other import papers, shall have been filed and processed with Customs, and c) The duties, taxes, fees, other charges, plus penalty, if any, have been paid, or secured to be paid, at the time of entry,

Answer 8

entry

Question 9

a principle under the World Trade Organization that promotes uniformity in technical regulations governing bilateral trade, to lessen the cost incurred in such transactions.

Answer 9

equivalence

Question 10

entry of a ship, or any related means of transport, into a port

Answer 10

entry

Question 11

the system of encoding into a computer the details of an import entry: nature of goods, shipper, consignee, value, tariff heading, rate of duty, quantity, weight, and other details.

Answer 11

entry data processing

Question 11

a Customs office where entry declaration of imported goods is encoded in a computer.

Answer 11

Entry Encoding Center

Question 12

a Philippine government agency that issues clearance for the importation of sodium cyanide, chlorofluorocarbon, and other ozone-depleting substances.

Answer 12

Environmental Management Bureau

Question 12

removable articles aboard a vessel, like life-boats, life-saving devices, furniture, her apparel, and similar items, except her spare parts.

Answer 12

equipment

Question 13

a navigational error in the third zone, which covers the period when the risk of collision has become a certainty to the period of actual impact.

Answer 13

error in extremis

Question 14

a provision of the General Agreement on Tariffs and Trade that allows a country to suspend tariff or other concessions when certain imports injure, or threaten to injure, domestic producers or competing goods or services. Before taking such action, however, an aggrieved country must consult with her trade counterpart to determine proper compensation.

Answer 14

Escape Clause

Question 15

a special bank account into which earnings from sales (e.g., convertible currency proceeds from exports) are accumulated. These revenues are set aside for acquisition of goods and services from a foreign supplier

Answer 15

escrow account

Question 16

in auction of articles still subject of a pending forfeiture case, this refers to the proceeds of sale set aside temporarily for the benefit of whoever is adjudged to have legal title over the goods

Answer 16

escrow account

Question 17

these refer to basic necessities.

Answer 17

essential consumer goods

Question 18

this class of imports is limited to machinery, equipment, supplies and raw materials required by industries engage in the production of (1) essential consumer goods; (2) export commodities; (3) franchised public utility services, and (4) essential, semi-essential and non-essential producer goods, PROVIDED, materials required for the manufacture of semi-essential and non-essential producer goods undergo transformation in their mechanical or electro-magnetic characteristics and/or chemical properties in the process of production.

Answer 18

essential producer goods

Question 19

the standard set by government commodity offices that must be met for export products.

Answer 19

established standard

Question 20

refers to the EV ascertained and duly approved by the collector of customs and/or commissioner of customs; or EV applied in a discrepancy report approved by the collector of customs and/or commissioner of customs.

Answer 20

established value

Question 21

currency now officially used by member-economies of the European Community of the European Union.

Answer 21

Euro

Question 22

deposits denominated in U.S. dollars at banks and other financial institution outside the U.S.

Answer 22

Eurodollars

Question 23

an association of European countries that undertakes activities to operate a common market for coal and steel, and attempts to remove barriers to trade in coal, coke, steel, pig-iron, and scrap iron.

Answer 23

European Coal Steel Community