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The Bureau of Customs has intensified its monitoring of oil importations and inventory levels in ports nationwide amid global supply concerns
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All district ports are required to submit regular reports on oil importations in their respective areas of jurisdiction
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A BOC Oil Inventory Level Task Force is being set up to strengthen coordination and ensure accuracy of all data gathered
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The task force involves the Department of Energy and the Bureau of Internal Revenue
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It will conduct joint inspections and oversee the monitoring of oil depots, bulk storage terminals, and other petroleum storage facilities nationwide
The Bureau of Customs (BOC) is intensifying its monitoring of oil importations and inventory levels in ports nationwide in response to global supply concerns as production and delivery routes are affected by the Middle East crisis spawned by the United States and Israel attack on Iran.
The bureau is also establishing the BOC Oil Inventory Level (BOC-OIL) Task Force to strengthen coordination and ensure accuracy of all data gathered, BOC said in a statement.
The conflict, which has affected critical infrastructure such as airports and seaports in the oil-producing nations in the region as well as triggered the temporary shutdown of the Strait of Hormuz, has raised concerns over possible disruptions in global oil supply chains, BOC noted.
Customs commissioner Ariel Nepomuceno ordered all ports to keep a closer watch on the volume of oil still coming in and assess existing supply.
The BOC chief emphasized the importance of maintaining close oversight of oil importation flows to ensure that government authorities have timely and accurate information as they make policy decisions in the face of the evolving global situation.
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“Given the current geopolitical developments, it is important for the Bureau to closely track the movement of oil importations and monitor available inventory levels. This will allow us to provide relevant updates to the administration and help ensure that the country remains prepared for any potential supply disruptions,” Nepomuceno said.
Under the directive, all district ports are required to submit regular reports on oil importations in their respective areas of jurisdiction. These reports will be consolidated and presented during the agency’s weekly meetings to provide the commissioner with updated information on incoming shipments and prevailing supply levels.
BOC-OIL Task Force, meanwhile, will be headed by Atty. Allen Dela Cruz, with Atty. Victor Pablo Trinidad of the Legal Service as member, in collaboration with the Department of Energy and the Bureau of Internal Revenue. The task force will conduct joint inspections and oversee the monitoring of oil depots, bulk storage terminals, and other petroleum storage facilities nationwide.
To ensure the accuracy and reliability of the data being reported by the district ports, BOC-OIL Task Force has also been authorized to validate the submitted reports through inspection and document review.
The task force may likewise request the regular submission of material information from industry stakeholders necessary to support the monitoring initiative and may recommend the issuance of summons when warranted to ensure compliance.
All findings and reports generated under this monitoring effort will be submitted to the Office of the Commissioner to provide timely situational updates and inform necessary policy or operational responses.
Moreover, BOC has directed its Enforcement Group to extend full cooperation and deploy the necessary personnel to support the implementation of this initiative.
