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Metrobank uses Customs' new system for importers

April 22, 2009 10:52pm

MANILA, Philippines-Listed Metropolitan Bank & Trust Company (Metrobank) has fully implemented the electronic-to-mobile (e2m) payment system aimed to streamline the Bureau of Customs' trade processes, bank executive vice president Dennis Suico said.

In a statement, Suico said the new payment system adopts the payment application secure system version 5.0 (PAS5), enabling internet- and SMS- (text messaging) based transactions between the BoC and its stakeholders. This helps the government improve security, trade efficiency, and fraud detection.

“PAS5 is a secure and very convenient web-based service for importers. Being with one of the first banks to implement the system, Metrobank clients are now enjoying greater convenience because of the faster processing of duties that in turn expedites the release of goods at the Batangas port," he said.

Metrobank is among the first banks to use the system piloted at the Batangas port.

The e2m payment system involves the use of both cash and non-cash payments for either advanced or final settlement of duties and taxes. Non-cash payments include tax credit certificates, tax exemption certificates and advanced payments covered by letters of credit.

“In the past, importers or brokers had to have their documents notarized and submitted directly to the bank before the BoC can undertake release of shipments – a process that takes an inordinate amount of time and effort. With the new system, reports are transmitted to BoC electronically," Customs Commissioner Napoleon L. Morales said. - GMANews.TV