Business name registration in Davao down to one day
Davao City (21 August) -- THE presence of the National Economic Research and Business Assistance Center (NERBAC) in Davao has greatly improved the turn-around time in securing a business name registration.
As of 2005, when Davao Region has not yet installed the NERBAC office, it took more than five days for an entrepreneur to have a business name registered. In 2006, the year when NERBAC-Davao was launched, the entire process involved in registering a business name recorded a turn-around time of three to five days.
Last year, business name registration hit only two to three days of processing time. However, as of first semester this year, the NERBAC-Davao was successful in trimming down the processing time to one day.
NERBAC-Davao Manager Teolulo T. Pasawa attributed the success in the cutting down of the processing time for business name registration to the improved internal systems and strengthened information campaign drive of the Center.
Aside from championing business name registration, NERBAC-Davao has also been playing a pivotal role in encouraging more investments in the region.
Investments in the first semester of 2008, which amounted to P4.24 billion, were mostly generated through business name registrations, comprising 96 percent. Significant investments in the fields of information and communications technology (ICT) and property development were infused in Davao City; tourism and fishing in Davao Oriental; tourism, property development and agribusiness in Davao del Norte; agribusiness in Comval; and tourism, light manufacturing and agribusiness in Davao del Sur.
NERBAC-Davao was created through Republic Act 7470 of 1992. It specifically aims to provide comprehensive and highly integrated business support services to prospective investors. It houses various government and private agencies, such as the Philippine Health Insurance Corporation (Philhealth), Home Development and Mutual Fund (Pag-ibig Fund), Department of Environment and Natural Resources (DENR), Bureau of Customs (BoC), Board of Investments (BOI), and Philippine Contractors Accreditation Board (PCAB), among others.
Davao was the pilot area for the NERBAC implementation throughout the Philippines. To date, NERBAC offices are in operation in other parts of the country as well. (NERBAC/PIA XI) [top]