The World Bank said Tuesday it approved a $88.28-million (P4.23-billion) loan to improve the Philippines’ customs administration, reduce transaction costs and enhance predictability and transparency of the clearance process at the country’s borders.
The bank said in a statement the Philippines Customs Modernization Project would improve customs administration by enhancing the streamlining and automation of Bureau of Customs’ procedures and supporting the development of a world-class customs processing system.
“Improved efficiency at the Bureau of Customs will reduce trade costs and support Philippines’ competitiveness,” said Ndiamé Diop, World Bank country director for Brunei, Malaysia, Thailand and the Philippines.
He said automation would reduce face-to-face interactions and delays and increase accountability to strengthen efficiency and improve the business environment.