The Department of Trade and Industry’s newly appointed Trade Secretary, Adrian Cristobal Jr., vows to reduce the processing time of starting a business to just three steps within three days, a goal set by the National Competitiveness Council and supported by DTI.
Sec. Cristobal cited World Bank’s Doing Business Report 2015, which shows that it takes an average of 16 steps within 34 days to start a business in Philippines. Compared to other countries, Vietnam takes 10 steps within 34 days to start a business; 4 steps in 27 days in Thailand; 3 steps in 5 days in Malaysia; and 1 step in half a day in New Zealand, which is cited as the world’s best in business processing time.
“We want to accelerate the Philippine Business Registry by fully consolidating and processing all transactions of the Securities and Exchange Commission, Bureau of Internal Revenue, Social Security System, Philippine Health Insurance Corp. and Pag-IBIG in one form and online,” Cristobal said.
