Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Trade panel to streamline Customs processes to aid small businesses


The newly established committee for trade facilitation is expected to help micro-, small-, and medium-sized enterprises (MSMEs) to be more active in international trade and widen their access to international goods and services, Finance Secretary Carlos G. Dominguez III said.

During its first meeting Wednesday, Mr. Dominguez said the Philippine Trade Facilitation Committee (PTFC), which he chairs, aims to make Customs processes more efficient to benefit the small firms in their pursuit of international business.

“Our work is especially critical for the MSMEs that often do not have the financial capacity to overcome the inefficiencies of the trading system and lack access to the global markets. What we aim to accomplish here will allow them to actively participate in international trade and broaden their access to the global value chains,” he said in a speech.

President Rodrigo R. Duterte issued Executive Order No. 136 on May 18, creating the PTFC to streamline customs processes and help the Philippines comply with commitments under the World Trade Organization-Trade Facilitation Agreement (WTO-TFA).

WTO-TFA, established in February 2017, requires member countries to have a national committee on trade facilitation or assign an existing system that will implement the TFA.

The agreement aims to fast-track movement of goods and encourages customs authorities to collaborate with other agencies on trade facilitation. The WTO estimates that fully implementing the TFA can bring down trade costs by 14.3% on average and boost international trade by $1 trillion yearly.

Mr. Dominguez said streamlined procedures in customs and trade can spur job creation, attract investment, help upgrade the skills of workers and spur entrepreneurship. Eventually, this will help the economy grow faster and sustainably over the long term, he added.

He said modernizing operations at the Bureau of Customs will also cut trade costs, pave the way for more transparency, boost government revenue, reduce corruption and improve the digital economy.

“A streamlined, transparent, and efficient customs administration will result in a more conducive trading environment for all our businesses. This is expected to increase our trade volumes and reduce costs for consumers and producers,” he said. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Forbes 30-under-30 alumnus goes head-to-head with Amazon with smartphone-based retail checkout solution In 2015, MishiPay CEO Mustafa Khanwala waited 20 minutes in a...


Debenhams is to reopen 97 of its high street stores on Monday for a closing down sale to clear stock before they finally shut...

Editor's Pick

PHILSTAR/MIGUEL DE GUZMAN Singapore — India, South Korea, and Thailand faced mounting coronavirus infections on Thursday, undermining...

Editor's Pick

BW FILE PHOTO WASHINGTON – U.S. Secretary of State Antony Blinken and Philippine Foreign Affairs Secretary Teodoro...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Secrets Of Richdads. All Rights Reserved.

    Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!