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    FedEx gets rating downgrade FedEx boxes sit in a stack in the back of a FedEx truck in New York in this December photo. FedEx Corp., the second-largest US package delivery company, was cut to "neutral" from "overweight" at JPMorgan Chase & Co., which may affect the company’s ability to borrow debt and/or raise cash. "FedEx faces meaningful risks in 2008, including soft transport demand trends, fuel-driven earnings volatility and multiple risks to its ground contractor model," analysts including Thomas Wadewitz wrote in a note to clients dated Wednesday. --Bloomberg


     
    Firms to process documents that
    identify shipments before arrival
     
    By VG Cabuag

    Reporter

    ONLY two out of three Bureau of Customs partner companies will be chosen to process electronic documents that identify contents of shipments twelve hours prior to their arrival in the Philippines.

    A Customs official said last week that the Association of International Shipping Lines (AISL) will pick any two of three Customs-accredited value-added service providers, including Intercommerce Network Service, Cargo Data Exchange Center, and E-Konek Pilipinas. The chosen entities will handle the advance submission of inward foreign manifests, or documents which list cargo contents, which will be submitted by the carriers and freight forwarders before their respective shipments reach domestic ports.

    The said measure, which should have been implemented last year, was established to comply with a Customs order instructing all shipping lines, nonvessel operating common carriers, cargo consolidators, coloaders, and break-bulk agents to provide the government accurate data regarding the arrival of vessels and shipments in any local port.

    Although the order intends to expedite the release of cargo, hard copies are also required to be submitted upon the goods’ arrival since importers and brokers will only have to present the original hard copy of the manifests.

    For its part, the bureau will use the services offered by its partners since it currently has no capability to maintain a system to handle the data generated from the list of incoming goods. The agency said it would need more than P1 billion just to upgrade its system to allow a direct link between the bureau and the carriers.

    Customs Deputy Commissioner Alexander Arevalo also said that the company which will be left out of the arrangement will soon be permitted to provide IFM services once the foreign shipping group allows it.

    The official is set to meet with the AISL, Philippine Ship Agents Association, AISL, Philippine International Seafreight Forwarders Inc. and Aircargo Forwarders of the Philippines Inc. to discuss the start of the project’s implementation.

    The bureau has already started the project’s parallel run late last month and expects its full swing within the first two months of the year.

    OTHER STORIES

    Firms to process documents that identify shipments before arrival

    ONLY two out of three Bureau of Customs partner companies will be chosen to process electronic documents that identify contents of shipments twelve hours prior to their arrival in the Philippines.

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