Starting a business in Philippines now one step Easier
by FFE PH News Staff
The Department of Trade and Industry (DTI) has just launched an online portal that allows entrepreneurs to apply and renew their business name registration and transact fees through the internet.
The e-payment facility is a joint project by DTI with the Development Bank of the Philippines, Globe Xchange Inc. and Bancnet. Transactions may begin starting today and fees can be paid through Bancnet or GCash.
DTI secretary Gregory Domingo said ‘In assuring entrepreneurs of an enabling business environment, the government is gathering institutions and partners from the private sector to work on key reform areas in line with President Aquino’s policy thrust anchored on good governance and transparency.’
DTI undersecretary for Management Services Nora Terrado added ‘With this e-payment facility in place, entrepreneurs can apply and renew their business name without going to the DTI offices, and enjoy the convenience of paying the applicable fees online through their computers or mobile phones.’
Opening up online portals for business transactions is part of the ‘one-stop-shop’ concept that many governments are adopting today to boost entrepreneurial activity. By digitizing bureaucracy, more people are encouraged to start a business. The e-payment facility had been in the works since DTI announced their plan to digitise business registrations in the Philippines back in March 2012.
The e-payment facility is just one of the many tech programmes the Aquino administration has in line to fast track business processes in the country. In October, the Philippines jumped 30 places up in the World Bank’s global business ranking report Doing Business. The administration aims to lessen red tape for businesses by the end of the president’s term in 2016.