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PIA Press Release

PGMA prods LGUs to cut red tape, adopt uniform business regulations

Manila (6 November) -- President Gloria Macapagal-Arroyo on Tuesday prodded local government units (LGUs) to do away with red tape to reduce transaction costs and make the Philippines more attractive to investors.

She said LGUs must come up with uniform rules and regulations in their dealings with the business sector, and address the concerns of investors if the Philippines is to raise the bar of its global competitiveness.

In her address at the 1st Laguna Investment and Business Expo being held at the SM Sta. Rosa City, the President said she hoped that "LGUs, the city mayors, municipal mayors will address the concerns of investors, including build-operate and transfer (BOT) projects for the very important expressway."

The Expo showcases the best that Laguna can offer to investors.

Investors have been complaining about the lack of uniformity of business rules and regulations, which make it difficult for them to transact business in the country.

A simple business permit alone carries too many signatures before the document could be released, they said.

These concerns were cited in a recent survey by the World Bank's private financial arm, the International Finance Corporation (IFC), as one of the stumbling blocks weighing down on the Philippines' drive to be more globally competitive.

The President congratulated Laguna for setting-up its own National Economic Research and Business Assistance Center (NERBAC), a one-stop shop that assist investors interested in investing in the province.

CALABARZON has also a NERBAC which provides world-class service to investors in expediting action on their business registration and licensing, as well as investment promotion and facilitation, and knowledge management through a strong public-private sectors partnership.

As a senator in 1992, President Arroyo authored the NERBAC Law or the Republic Act (RA) 7470 to strengthen the State's policy to enhance economic growth.

RA 7470 provides for the establishment of the necessary and strategic economic and business information and research assistance, thereby expediting the process of business formation and encouraging the growth of entrepreneurship in the country. (PIA-MMIO) [top]

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