The Philippine government has canceled the $88-million World Bank loan for the Philippine Customs Modernization Project (PCMP) due to ongoing court cases that delay its implementation.
Finance Secretary Ralph Recto announced the cancellation during a Senate finance committee hearing, stating that another modernization project would be pursued instead.
The project, aimed at improving the efficiency of the Bureau of Customs (BOC), was halted due to an injunction stemming from a 2015 petition filed by Omniprime Marketing Inc.
The injunction prevents the BOC from enhancing its systems, including the national single window system intended to prevent smuggling.
Despite the cancellation, Recto mentioned plans to implement the national single window system through a public-private partnership, with expectations to have it operational by May next year.
Source : PhilNews24 | August 16, 2024
