Philippines becomes second country after Malaysia to adopt ZtradeMY E.G. Services Bhd has secured regulatory approval to deploy its Web3, Artificial Intelligence, and blockchain-based customs clearance and processing services for trade flows between the Philippines and China.
Meanwhile, BOC Commissioner Bienvenido Y. Rubio said: “This platform will enable the verification of Certificates of Origin for exports to China and vice-versa, using express clearance and tariff exemptions under the RCEP and the ASEAN-China Free Trade Agreement . The proposed use of the Zetrix platform shall be at no cost to the Philippine Government.
This initiative by MYEG follows the signing in March of a partnership between the Group and East Logistic-Link Co, Ltd, a wholly-owned agency of the General Administration of Customs of the People's Republic of China , to jointly provide a full suite of cross-border trade facilitation services on the Zetrix blockchain platform. This includes the lodgment of certificates of origin with the potential to include other certificates relevant to cross-border trade.