Manila: The Bureau of Customs (BOC) has announced a significant reform by extending the validity of importer accreditation from one year to three years and reducing the accreditation costs, a move aimed at boosting trade in the country.

According to Philippines News Agency, Finance Secretary Frederick Go stated on Tuesday that this initiative is designed to reduce red tape and enable a more efficient trade system, which can meet the growing consumer demand and support local industries. "This reform allows businesses to focus more on operations and growth rather than administrative requirements," Go mentioned in a statement.

Go also signed a Customs Administrative Order (CAO) which reduces 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. This effectively lowers the overall cost for importers, aligning with President Ferdinand R. Marcos Jr.'s directive to foster a more business-friendly environment and strengthen the country's trade competitiveness.

To maintain compliance and keep records up-to-date, importers are required to submit an Annual Reportorial Compliance within 30 days of their accreditation anniversary. The CAO also outlines the criteria and guidelines for automatic renewal, where importers with six consecutive years of uninterrupted and compliant accreditation may qualify for automatic renewal.

The new policy also applies to Authorized Economic Operators and Super Green Lane Accredited Importers, aiming to streamline the accreditation process and further enhance the efficiency of trade operations in the country.