Business

WB grants $88M loan to modernize and digitize customs

The Bureau of Customs has obtained a loan assistance of $88.28 million from the World Bank to develop a world-class customs processing system.

The Philippines suffers massive losses in trade values due to a bureaucratic and corruption-laden customs protocol.

The World Bank noted that a parcel going through Customs takes 120 hours to get cleared while the process takes half the time in neighboring economies.

In Malaysia, a similar shipment goes through Customs in just 36 hours.

“Traders, exporters, importers, port operators, shipping companies, and transport providers – many of them small and medium enterprises employing many workers – are expected to directly benefit from a new project that will modernize operations of the Bureau of Customs,” the World Bank said.

“It will also improve adherence to international standards and conventions for customs processing, including an audit trail for transactions, allowing for greater transparency and less opportunity for corruption,” the institutional lender said.

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