MANILA – Easing trade regulations will help the country to achieve 8.0 to 9.0 percent exports growth target for this year, the Export Marketing Bureau (EMB) of the Department of Trade and Industry (DTI) stated Wednesday.
EMB Director Senen M. Perlada said high transaction cost of moving goods has been dragging the competitiveness of Philippine exports.
“Many of these factors are related to moving and clearing of cargoes at the ports and cumbersome and costly requirements of regulatory agencies on traded goods,” said Perlada.
“It is, thus, necessary to remove or at least reduce unnecessary regulatory obstacles to the movement of goods and delivery of services,” he added.
The official noted that the amended Foreign Co-Loading Law or the Cabotage Law and the Customs Modernization and Tariff Act (CMTA) will cut obstacles to free movement of goods and will contribute in achieving the 9.0-percent export revenues growth target for 2016.
Perlada said the Cabotage Law which allows foreign vessels to dock at any port in the country to load and unload foreign cargoes will pave way in reduction of logistics costs and will also provide transshipment services needed by exporters and importers.
He added that it will also provide competitive prices on shipping services.
Likewise, the amended Cabotage Law will help in decongesting Manila Port and increase revenues of other ports in the country.
The CMTA, once enacted, will promote transparency in the Bureau of Customs (BOC) as the law will significantly reduce human intervention in the agency.
Perlada also mentioned other initiatives of the BOC that will improve movement of goods.
These policies include Customs Memorandum Order (CMO) 29-2015 which discarded two import forms such as the Import Entry and Internal Revenue Declaration (IEIRD) and the Supplemental Declaration on Valuation (SDV); non-requirement of Certificate of Exemption for importation of lithium Ion batteries provided that these are imported as finished product; and revision of its port operation manual, abolishing the requirements of Notice of Stuffing and the presence of Stuffing Inspector during the loading of export cargo container.