The Philippine Business Registry (PBR) is set to be launched today at the Securities and Exchange Commission as a one-stop shop for corporations and partnerships which previously had to transact with several government agencies to start running a business.
With the PBR, the processing time is expected to be cut from what used to be several days to about 30 minutes to secure permits from six agencies: the Department of Trade and Industry (DTI), the Bureau of Internal Revenue (BIR), Social Security System (SSS), Home Development Mutual Fund (Pag-Ibig), Philippine Health and Insurance Corporation PhilHealth), and the Securities and Exchange Commission (SEC).
Trade Secretary Gregory 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 ranked 136th in the Doing Business Survey conducted by the World Bank-International Finance Corporation.
The PBR is expected to improve the Philippine’s competitiveness ranking by streamlining the registration process in the country, thus making it easier for both Filipinos and foreigners to set up shop here.
Secretary Domingo also said that the DTI is rolling out the registry system in several local government units to ensure that the scheme will benefit a wider range of applicants.
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