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Philippines Customs Modernization Project Announced

In line with the government’s thrust of enhancing #customsprocedures towards efficient and world-class #tradefaciliation the National Economic and Development Authority (NEDA) - Philippines Investment Coordination Committee (ICC), during its meeting last March 6, 2020, has approved the Philippine #customsmodernization Project of the Bureau of Customs (BOC) and recommended for its final approval by the NEDA Board chaired by President Rodrigo Duterte.

The #PhilippineModernizationProject will be partly financed by The World Bank . The project cost is Php 5.44 billion, with 84.58% to be financed through Official Development Assistance (ODA) loan, while the remaining 15.42% will be financed through local funds.

With the full automation of the BOC’s core processes, trade facilitation will vastly improve, #revenuecollection will increase, and processing time and #tradecosts will significantly be reduced.


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