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Investment opportunities in Central Visayas and elsewhere in the country may double or increase significantly if a uniform set of business registration processes is followed by local government units (LGU), a trade official said.
In a recent 888 news forum, officials of the Department of Trade and Industry in Central Visayas (DTI-7) said their office is promoting the Philippine Business Registry (PBR) program among LGUs in the region, particularly in Metro Cebu.
DTI-7 representative Minerva Yap said one way of luring more foreign and domestic investors is by having a ?one-stop shop? approach for business registration.
Several LGUs in Cebu don?t have this yet.
?We have held consultations with the local officials but their main concern really is that drawing up a uniform set of business registration processses would mean less fees to be charged by their office, which would also cut down their revenues,? Yap said.
Yap said DTI is trying to convince local officials to adopt the PBR program and reduce red tape which would make their area more attractive to investors.
She cited Singapore, Thailand, India and Vietnam as investment areas which have attracted foreign investors by opening their markets and simplifying their business steps and investment policies.
?In these countries they set up websites where investors can familiarize themselves and comply with the requirements, then register their businesses online,? said Yap.
?Here in the Philippines, we also offer online processing but investors become surprised when they are told to pay additional fees after coming here,? Yap said.
Yap said the PBR?s goal is to set up a web-based IT system that would enable investors to apply and finish their business requirements online.
The system would also house a single databank of all registered businesses in the country classified by region and LGU.
A simplified business registration work flow along with low labor costs, infrastructure and a stable telecommunications system would attract both foreign and domestic investors, particularly overseas workers, to put up businesses in the region.
?Cebu's business community has been supportive of this endeavor since it would mean cutting down red tape and drawing in more foreign capital to the province,? said Yap.
?That's what we are trying to convey to Cebu's local officials, to extend their support to the program,? she said.
