The World Bank approved on Wednesday a $88.28-million (around P4.2 billion) loan for the Philippine Customs Modernization Project to improve the Bureau of Customs’ (BoC) administration, reduce transaction costs, and enhance the predictability and transparency of the clearance process. “Improved efficiency at the Bureau of Customs will reduce trade costs and support [the] Philippines’ competitiveness,” Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, Thailand and the Philippines, said in the statement. “Automation will reduce face-to-face interactions and delays, and increase accountability, all of which strengthens efficiency and improves the business environment,” he added. The loan would also improve adherence to international standards and conventions for customs processing. “For example, a container in the Philippines takes 120 hours to clear customs and associated inspection procedures, much higher than in neighboring Vietnam (56 hours), Thailand (50 hours) or Malaysia (36 hours).

Source: Manila Times October 28, 2020 16:41 UTC