The Department of Trade and Industry (DTI) is set to launch Monday the Philippine Business Registry (PBR) at the Securities and Exchange Commission, in an effort to provide faster and more efficient service to those planning to set up a corporation or partnership.
In a statement, the DTI said the PBR is expected to streamline the business registration system, thus making it easier for Filipinos to set up shop.
“Through the PBR, the country will become more attractive to investors and it will improve our ranking in global competitiveness,” the DTI said in a statement.
Trade Secretary Gregory L. Domingo earlier said that one major factor affecting the Philippines’ ranking in competitiveness surveys is the slow and inefficient registration process in the country.
The Philippines was at 136th place in the Doing Business Survey published by the World Bank-International Finance Corp.
Domingo said that through the PBR, the government should be able to provide a one-stop shop for entrepreneurs who need to transact with several government agencies before operating a business.
From what would usually take days, the waiting time for business registration will be cut short to about 30 minutes for at least five permits from the Department of Trade and Industry, Bureau of Internal Revenue (BIR), Social Security System (SSS), Home Development Mutual Fund (Pag-Ibig), Philippine Health and Insurance Corp (PhilHealth) and the Securities and Exchange Commission (SEC).
The PBR would also become a useful source of information on businesses in the country.
Domingo also said that the DTI is rolling out the registry system in several local government units to ensure that this scheme will benefit a wider range of applicants.