Business registry to boost Phl's global competitiveness

MANILA, Philippines -  Trade Secretary Gregory Domingo expects the Philippine Business Registry (PBR), an online one-stop shop that allows entrepreneurs to set up a corporation or partnership faster and at the least cost, to boost the country’s ranking in global competitiveness surveys.

During the launch of the PBR at the Securities and Exchange Commission yesterday, Domingo said the Philippines is aiming to rank within the top 50 countries in the Global Competitive index by 2016.

“With the PBR, we expect a significant improvement in our standing in global competitiveness surveys,” Domingo said, noting that business registration has been picking up with more and more corporations setting up shop.

Corruption, inefficient government bureaucracy, and inadequate supply of infrastructure have remained the top three problematic factors for doing business in the Philippines despite improved macroeconomic indicators.

The Philippines ranked 136th out of the 183 in the World Economic Forum Global Competitiveness survey released in September 2011.

The PBR is a government-initiated project that aims to streamline business registration process and cut the red tape by integrating all agencies involved in business registration, such as the DTI, SEC, Bureau of Internal Revenue, Social Security System, Home Development Mutual Fund, Philippine Health Insurance Corp., and Local Government Units (LGUs).

Each of the agencies’ computerized registration systems will be interlinked so that applicants need not physically go to each agency to register their businesses.

Domingo said PBR kiosks will also be installed in selected LGUs nationwide to facilitate registration in far-flung areas.