Manila, April 16 -- The Bureau of Customs (BOC) has reduced the processing period for valuation requests under the Import Assessment Service (IAS) from five down to three working days upon receipt of complete documentary requirements.

Customs Commissioner Ariel Nepomuceno said the new processing period streamlines valuation processes and enhance trade facilitation.

Under a memorandum he signed on April 14, the directive mandates the IAS to release clearance within three working days from receipt of complete documentary requirements.

"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...