Cebu, PHILIPPINES, April 23, 2015 – As part of a suite of reforms to increase the global competitiveness of doing business in the Philippines, multiple government agencies have congregated to announce reforms aimed at dramatically simplifying the process of setting up a business.
Currently the burden of paperwork (almost always of the physical kind), bureaucracy and regulation means that, in the most ideal situation, it would take 34 days and 16 steps from initiation to incorporation, and often much longer. The reforms are promised to bring that down to 8 days and only 6 steps, a marked improvement, although still short of regional leaders Hong Kong and Singapore, both requiring less than 3 days and only 3 steps.
The centre-piece of the reform package is the long overdue implementation of unified applications and inter-connectivity between the Securities and Exchange Commission (SEC), Bureau of Internal Revenue (BIR), Social Security System (SSS), Home Development Mutual Fund (Pag-IBIG), Philippine Health Insurance Corporation (PhilHealth), and the local government unit (LGU).
Initial roll out was at the SEC Manila branch, on April 15th, with full operation expected by the end of 2016.