MANILA — The Bureau of Customs (BOC) has reduced the processing time for valuation requests under its Import Assessment Service from five working days to three, provided that complete documentary requirements are submitted.

The change is contained in a memorandum signed on April 14 by Customs Commissioner Ariel Nepomuceno.

In a statement, the BOC said the shorter processing period is intended to improve trade facilitation and ensure a more predictable valuation process for stakeholders.

Under the new guideline, the Import Assessment Service is required to issue clearance within three working days upon receipt of complete requirements.

The agency said that if the IAS is unable to release clearance within the prescribed period, concerned ports may proceed with the processing and release of shipments, as long as existing customs laws, rules, and complete requirements are complied with.

“We must ensure that valuation concerns are acted upon within the prescribed period. Delays in processing must be minimized, and all units are expected to exercise diligence and urgency in the submission and evaluation of complete requirements to ensure that trade flows without unnecessary interruption,” Nepomuceno said.

He added that the timely submission of complete and accurate documents, along with prompt action on valuation concerns, is key to ensuring the efficient issuance of value recommendations and the smooth movement of goods.