07/15/2011 | 05:14 PM
Entrepreneurs and investors seeking convenient ways to register their incorporation documents may soon do so at branches of the Land Bank of the Philippines (LandBank).
Finance Secretary Cesar Purisima said the agreement the Securities and Exchange Commission (SEC) and LandBank signed Friday will help improve the investment climate in the country by cutting the time it takes to process business registration papers.
The agreement expands the limited reach of the SEC which has only six offices.
“The ultimate goal is to make the registration process or the opening of businesses in the country available through the Internet. With the advances in technology now, nothing really stops us from making that happen except our willingness to try to have better uses of technology," Purisima said.
LandBank president Gilda Pico said that the government bank’s 326 branches nationwide will accept and pre-process the requirements and collect the filing fee when its interface with the SEC is fully-functional next September.
“We want to cut the processing time because that is where the problem is. They can also save on transportation costs. We are offering this as an option but if they want to go directly to the SEC, they can," Pico said.
The Department of Trade and Industry already has an online registration system for business name registration.
In Metro Manila, the local governments of Quezon City, Manila, Marikina and Mandaluyong have begun to streamline their business registration and permits issuance with a P16-million project funding support from the International Finance Corporation.
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