Tag Archives: philippines ease of doing business

Tradenet Rollout Targeted by End of 2017

The government will roll out by yearend TradeNet, an integrated online system to process import permits across over 60 agencies, as part of ongoing efforts to further improve the ease of doing business. Acknowledging the tedious process in securing an import permit that requires approvals from 66 government agencies on top of 10 economic zones, finance officials are now coordinating with the Department of Information and Communication Technology to make the Philippine Business Data Bank… Continue reading

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Business Registration via Mobile to be Launched Next Year

The National Competitiveness Council (NCC) said that a mobile application for business registration should be ready for launch by next year. The software will be available for pilot testing in select local government units, as well as agencies like the Securities and Exchange Commission. The NCC is also consulting with New Zealand on how to improve the ease of doing business in the country. NCC leaders target a jump to the top 20 in the… Continue reading

Bureau of Internal Revenue Streamlines Tax Requirements

The Bureau of Internal Revenue issued an order that reduces documentary requirements for taxpayers wishing to register their businesses. Under the new order, documentary requirements to register for tax identification number, apply for authority to issue receipts and invoices, and keep book of accounts were streamlined. Business groups have been calling on the government to simplify requirements and reduce paper transactions. Additionally, they urged… Continue reading

Project Repeal Gains Steam, as More Government Agencies Streamline Regulations

More government agencies are joining the National Competitiveness Council’s (NCC) Project Repeal program that aims to clean up regulations and legislation deemed burdensome and irrelevant to the economy. Aside from the Departments of Trade and Industry, Finance, Energy, Budget and Management, Tourism, Securities and Exchange Commission, and Land Transportation Franchising and Regulatory Board, also coming in… Continue reading

Philippine Foreign Ownership Restrictions Eased for Investment Houses and Financial Firms

A new law now allows full or 100 percent foreign ownership in adjustment, lending, and financial companies, as well as investment houses. The new law also requires foreign-owned financing companies to have a paid-up capital of not less than P10 million for those located in Metro Manila and first class cities, P5 million for those in other classes of cities, and P2.5 million for those in municipalities. The Securities and Exchange Commission… Continue reading

Department of Finance Launches Program to Improve Ease of Doing Business in the Philippines

The Department of Finance (DOF) launched “Project Repeal” aiming to delist outdated laws to simplify business transactions in the country. It will repeal or delist 3,771 of its 4,323 department orders issued from 1958. The delisting will lessen the about 5,300 pages of regulations to make it easier to digest. It will also repeal 273 outdated committees from the 356 internal and interagency… Continue reading

Outdated Rules for Business and Economy to be Repealed

The National Competitiveness Council (NCC) has begun implementing Project Repeal, a program that aims to clean up regulations and legislation by revoking provisions or rules which are no longer necessary or which may be detrimental to the economy. Patterned after similar initiatives in Australia, South Korea and the UK, the program will focus on reducing the cost of compliance for businesses and entrepreneurs, as well as the cost of administration and enforcement for the government. For its initial stage, NCC will review… Continue reading