The Securities and Exchange Commission and the Land Bank of the Philippines Thursday signed a memorandum of agreement to cooperate in making it easier for people to open a business in the country.
Under the agreement, business centers will be put up in Landbank branches, which will accept applications and payments for fees as well as handle the initial processing of such applications.
During the signing ceremony held at the Landbank offices on Ayala Avenue in Makati City, SEC chair Teresita Herbosa said the initiative was aimed at shortening the long process of registering a new business.
“I think we would at least be able to take out two to three steps from the registration process,” Herbosa said.
Landbank president Gilda E. Pico also said the project will kick off at the bank’s La Union branch, which will coordinate with the SEC office in Baguio City.
“Following the pilot implementation in La Union, all Landbank branches will be available to accept application forms starting Sept. 15,” Pico said.
Finance Secretary Cesar V. Purisima, who witnessed the signing ceremony, said the ultimate goal was to make the registration process or the opening of businesses in the country possible through the Internet.