The Department of Finance (DOF) has announced that a customs cooperative arrangement between the Philippines and the Hong Kong Special Administrative Region is in the works. This initiative aims to strengthen trade facilitation while protecting consumers from the risks associated with smuggled and illicit goods.
In a statement released on Wednesday, the DOF explained that the draft bilateral arrangement is the result of extensive discussions between the Bureau of Customs (BOC) and its Hong Kong counterparts. This collaboration comes in response to heightened global concerns regarding supply chain security and the increasing sophistication of cross-border smuggling operations.
The draft arrangement is intended solely for mutual administrative assistance between the Customs Administrations of the Philippines and Hong Kong. Key provisions include the sharing of information and intelligence to ensure the proper application of customs laws, the prevention, investigation, and combating of customs offenses, and the security of the international trade supply chain.
“I thank the government of Hong Kong for collaborating with us on this very important matter. This arrangement is necessary to ensure that both our Customs administrations are functioning together in the most efficient way possible,” stated Finance Secretary Ralph Recto.
“We owe it to our nations to ensure that what crosses our borders is legitimate, safe, and lawful,” he added.