The importation of capital goods financed through foreign credits must be referred to the Central Bank for prior approval if the servicing of the foreign credit is to be sourced from the banking system. The Philippine Government has lifted all foreign exchange controls which included lifting restrictions on the repatriation of investments and granting exporters increased access to foreign currency. Trade General Merchandise imports are generally allowed without a licence. Export Processing Zones are present in Mactan, Baguio City, Cavite and Bataan. System of classification.
Foreign investments are welcome in the Philippines.
Customs and storage facilities are generally adequate and secure. Regulated commodities require clearances from government agencies prior to their importation. It may need to be legalised by a Philippine Consul. Credit terms of 30 to 60 days normally apply. Local currency and foreign exchange banks delays average one to three months.