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DoF to add 51 agencies to online trade platform.
The Department of Finance (DoF) has recently announced that it will be adding 51 more agencies to its online trade platform, which aims to streamline government transactions and improve ease of doing business in the country.
The online trade platform, also known as the TradeNet system, was launched in 2018 and currently has 27 participating agencies. It allows traders to submit and process import and export documents online, reducing the need for physical paperwork and manual processing.
With the addition of 51 more agencies, the TradeNet system will now cover a wider range of government services related to trade, such as permits and clearances from the Bureau of Customs, Bureau of Plant Industry, and the Food and Drug Administration, among others.
According to the DoF, the expansion of the TradeNet system is part of the government’s efforts to improve the country’s ranking in the World Bank’s Ease of Doing Business report. The Philippines currently ranks 95th out of 190 countries in the report, with a score of 62.8 out of 100.
By making government transactions more efficient and accessible through the TradeNet system, the DoF hopes to attract more foreign investments and boost the country’s economic growth.
The TradeNet system also has the potential to reduce corruption and improve transparency in government transactions. With all documents and transactions recorded online, it will be easier to track and monitor the progress of applications and identify any irregularities or delays.
However, the success of the TradeNet system will depend on its implementation and adoption by government agencies and traders. The DoF will need to ensure that the system is user-friendly and reliable, and that there is sufficient training and support for users.
Overall, the expansion of the TradeNet system is a positive step towards improving the country’s business environment and attracting more investments. It is a testament to the government’s commitment to modernizing its services and embracing digital transformation.