Seven types of commonly traded commodities, including rice and sugar, will be the first batch to be covered when the Philippine government initially implements the online trade facilitation portal, TradeNet, according to the Department of Finance (DOF).
“The initial deployment will allow traders to use the system for the first seven commodities that represent fifty percent of the total trade volume of the Philippines,” finance undersecretary Gil Beltran said in a statement.
The commodities that will be part of the initial launch by end of the year are rice, sugar, used motor vehicles, chemicals (toluene), frozen meat, medicines, and cured tobacco.
Beltran said 16 agencies involved in processing the trade permits of the seven commodities are scheduled to be connected to TradeNet before the rollout.
These include the Bureau of Animal Industry, National Tobacco Administration, Fair Trade and Enforcement Bureau, National Food Authority, Bureau of Plant Industry, Food and Drug Administration, National Meat Inspection Service, Bureau of Internal Revenue, and Bureau of Customs.
Other goods will be progressively placed onboard TradeNet as other trade regulatory agencies get connected to the system. The online platform will eventually connect 66 agencies and 10 economic zones.
Beltran said the online facility will allow traders of commodities to apply for their import and export permits online, securing a faster and more convenient application process.
The DOF executive said TradeNet will also perform the functions of the country’s National Single Window (NSW), which will eventually be interconnected to the Association of Southeast Asian Nations (ASEAN) Single Window (ASW) by December.
The ASW is a regional initiative that aims to speed up cargo clearance and promote economic integration by enabling the electronic exchange of border documents among ASEAN member states.
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