The Bureau of Customs (BOC) urged banks on Monday to extend their business hours and operate even on weekends to service people in the trade business whose peak operating days are weekends when the truck ban is lifted.
“I talked to the Bankers Association of the Philippines and said the businessmen really need help, for the banks to remain open on Saturdays so transactions clear and shipments pull out on Sunday,” Customs chief Alberto D. Lina said.
Lina estimated if banks were open on Saturdays, clearing would be faster and the agency release maybe 10,000 containers on one day. At present, the BOC releases an estimated 2,000 containers a day.
“This is because it will make the turnaround time faster because on Sundays there is no truck ban, right? So everything will be quicker. We would like to maximize the turnaround time on Sunday and early Monday morning up to lunch time,” Lina said.
Lina also said he already talked with some bank officers and some already agreed to have Saturday operations. But even then, such operations are not as extensive as exporters like given the extent of their weekend activities.
“Sometimes, the problem is when Customs staff are already there by about 7 a.m. but the banks are still closed. If we open at 7, the banks should also open at 7. If we close at 7, the bank should close at 7,” Lina said.
He quickly added if the various banks want to help the industry and the country, they should “operate from 7 to 7. Singapore has 24-hour banking and that is why trade in Singapore is faster.”
The commissioner, likewise, said should the overall Customs clearing time is reduced, such will eventually result to lower prices of imported goods in the markets.
“When the clearing process is fast, prices will go down. Traders and importers don’t have to pay storage, for instance. These are savings. If you save these things, prices go down and benefit consumers,” Lina said.
The commissioner also said that port congestion could, eventually, ease.