League of Cities' standardization of city business registration, permit process will lure more investors, PGMA says
Manila (February 15) -- President Gloria Macapagal Arroyo said that the standardization of the city business registration and permit processes which would be launched on February 18 by the League of Cities of the Philippines, will "reduce red tape and the cost of doing business," thus, luring more investors.
President Arroyo made the statement as she unveiled on February 9, during the multi-sectoral jobs summit, several government initiatives to assist vulnerable industries and Filipinos who would be displaced as a result of the deepening global financial crisis.
Under the project, the League of Cities of the Philippines, all the cities in Metro Manila will have a standard and uniform City business registration and permit processes, Calbayog City Mayor and Secretary of the League of Cities Mel Senen Sarmiento informed.
The standardization of business registration in all the cities of Metro Manila will improve the competitiveness of the country, Mayor Sarmiento said. An investor may go to any cities and he will undergo the same process and the same cost in registering his business name.
For a start, the implementation of the standard business registration and permit process will be in Metro Manila cities, Mayor Sarmiento said. Later, this will also be implemented in the other cities of the Philippines.
This is the League's contribution to President Gloria Macapagal Arroyo's thrust in increase the competitiveness of the country by reducing red tape and the cost of doing business here, Mayor Sarmiento said.
In order to help the vulnerable industries, President Arroyo said that the government is also reducing the cost of doing business by providing fuel by providing fuel subsidy to firms in transporting workers in the export processing zones.
The President also said that government financial institutions (GFIs) would provide loan facilities, such as working capital, to creditworthy firms.
"We have requested the BSP (Bangko Sentral ng Pilipinas) also through the national government's representative in the Monetary Board, Trade and Industry Secretary Peter Favila, to provide liberal terms for rediscounting windows and allow the banks particularly the GFIs some flexibility on regulatory financial ratio compliance," she said. (PIA 8) [top]