Article by:
Anna Leah Gonzales
MANILA – The Bureau of Customs (BOC) extended the validity of importer accreditation from one year to three and reduced accreditation costs to boosts trade in the country.
According to Finance Secretary Frederick Go on Tuesday, the initiative reduces red tape and enables a more efficient trade system that can meet growing consumer demand and support local industries.
"This reform allows businesses to focus more on operations and growth rather than administrative requirements," Go said in a statement.
Go also signed a Customs Administrative Order (CAO) reducing the administration fee from PHP2,000 per year or PHP6,000 over three years to a one-time payment of PHP5,000 for a three-year period, lowering overall cost for importers.
This is in line with President Ferdinand R. Marcos Jr.'s directive to foster a more business-friendly environment and strengthening the country's trade competitiveness.
To ensure continued compliance and up-to-date records, importers are required to submit an Annual Reportorial Compliance within 30 days of their accreditation anniversary.
The CAO also clarifies the criteria and guidelines for automatic renewal.
Importers with six consecutive years of uninterrupted and compliant accreditation may qualify for automatic renewal.
The policy likewise covers Authorized Economic Operators and Super Green Lane Accredited Importers. (PNA)
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