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01/28/2012
Malacañang has announced a new system it claims would significantly deter corruption in the government, specifically on investors falling prey to fixers and corrupt government people.
At the launching of the Philippine Business Registry System (PBRS), President Aquino said that a web-based system is already in place for investors, who would wish to transact or register their businesses.
Aquino said that the Philippine Business Registry System, will serve as a one-stop shop for both local and foreign businessmen. The computerized registration system, he added, would link several agencies so applicants can register their businesses even without their presence.
He also said the new system would keep the investors away from the possibility of being compelled to negotiate and fall into a compromise of cost if only to get their business requirements done.
Inter-linked government agencies under the PBRS system include the Department of Trade and Industry, the Bureau of Internal Revenue, Home Development Mutual Fund, Philippine Health Insurance Corp., the Social Security System and the Securities and Exchange Commission.
Through the PBRS, sole proprietors can now register their business names, generate or validate their tax identification number and get employer registration numbers from the SSS, Philhealth and Pag-IBIG Fund.
One of the local government units (LGU) connected with the system is Quezon City.
Caloocan and Mandaluyong are expected to connect to the system in the coming months.
The launching ceremony is the first phase of the PBRS program. This year, more LGUs and other regulatory offices will connect to the system.
The PBRS is one of the government’s priority projects to streamline business registration process and eliminate red tape. Through the PBRS, the Aquino administration hopes that the country will be more attractive to investors and will improve its ranking in the global business competitiveness.
During the launching rites, the President had a briefing on the actual client applications.
He also witnessed the awarding of citation certificates to the five heads participating agencies that include SEC chairman Teresita Herbosa, Pag-IBIG Fund Chief Executive Officer Darlene Berberabe, BIR Deputy Commissioner Lilia Guillermo, SSS president and Chief Executive Officer Emilio de Quiros Jr.
Trade Secretary Gregory Domingo and Trade Undersecretary Zenaida Maglaya also joined the President during the event.