Department of Trade and Industry (DTI) Secretary and Doing Business Task Force Chairman Ramon Lopez is confident that the Philippines (PH) will increase its ranking in the 2019 Doing Business Survey following the implementation of ease of doing business reforms.
During a meeting with World Bank and International Finance Corp. (WB-IFC) Doing Business topic team leaders Atty. Nadine Abi Chakra and Mr. Nuno Filipe Mendes Dos Santos, Secretary Lopez reported these reform initiatives:
* The Company Registration System of the Securities and Exchange Commission (SEC) is an online registration for corporations that automate the procedures of registering a firm.
* The Single Window Transaction Project of Bureau of Internal Revenue (BIR) makes it easier for an applicant to submit requirements and get a Certification of Registration and Authority printed.
* At the local level, the One Stop Shops for Business Permit by the Quezon City Government significantly reduces the number of steps and days to get business permits by co-locating the Business Permits and Licensing Office, the Zoning Office, the Treasurer’s Office, and the Bureau of Fire Protection. This eliminates the need to go to various offices to submit requirements and get permits.
These measures will reduce the procedures in starting a business from 16 steps to 10, and shorten the processing time from 28 days to 16.
“With these reforms, we are optimistic that investors will be keen on expanding their businesses in the country and provide more jobs for Filipinos,” said Sec. Lopez.
The WB-IFC survey team is in the country for a week-long validation of Philippine initiatives.
The Doing Business Report is an annual survey published by the World Bank-International Finance Corporation that measures and ranks the ease and cost of doing business in 190 economies.
“We already succeeded in eliminating bottlenecks and streamlining procedures. The challenge now is how to fully implement automation and interconnectivity at all levels of government,” trade chief added.
The Philippines hopes to improve on its ranking, 113th place out of 190 economies, in the 2018 Doing Business Report. Particularly, the country ranked 173rd in starting a business, 149th in enforcing contracts, 146th in protecting minority investors and 142nd in getting credit. The Doing Business Task Force is the inter-agency group mandated to initiate, implement, and monitor the ease of doing business reforms in the country.♦
Date of release: 26 April 2018