Proposals raised to Implement ease of doing business law

 

By Rose de la Cruz

 

With President Duterte having signed this morning the Ease of Doing Business law in Malacanang, proposals have been raised to ensure that the benefits of the law would trickle down to all businesses and to all municipalities of the country.

 

The proposals were made by Rep. Henry Ong, 2nd district of Leyte, vice chair of the committee on banks and financial intermediaries, that, among others, urges the authorities to entice more Filipinos to save their money in banks by creating new savings deposit products that give better interest and terms.

 

Ong presented his three-step recommendations to the administration’s economic managers to help ease inflation resulting from channeling a significant chunk of the country’s money supply—from all those OFW remittances, tourism dollars, foreign direct investments, and shares traded in the stock exchange—to more productive economic uses instead of chasing consumer goods and services.

 

His first proposal asks the cities, towns and provinces that are in the top 10 or top 20 to fully comply with the Ease of Doing Business law within a year after it takes effect. Filipino entrepreneurs and their families must immediately feel the effects of the law, he said.

 

To make it easier for entrepreneurs both large and small to invest in and open businesses, these local government units must roll out their respective strategies to implement the law.

 

Secondly, he said, Filipinos must be encouraged to invest in government bonds, and private sector bonds. Promote treasury bills to the general public, not just to businessmen and corporations. Have more retail denominations for OFWs and other Filipino households to invest in the growth of the economy and funding of priority national programs.

 

Thirdly, he said, government corporations must be removed from operating businesses and instead focus their mandates on regulation and enforcement. State firms should not be competing with private business, as a general rule and with very few exceptions. In other words, privatize more of those government owned or controlled corporations. We have too many of them, are decades-old, are cash cows, and have nothing to show for in terms of performing their mandates.

 

And finally, he called for a concerted effort to promote savings among the citizenry.

 

The President signed Republic Act No. 11032 or the Ease of Doing Business Act in a ceremony in Malacañang on Monday.

 

“This law will introduce simplified requirements and streamlined procedures that will finally spare our people from the intolerable waiting time and long lines in frontline government agencies,” Duterte said in his speech.

 

The law, which amended the Anti-Red Tape Act of 2007, reduces the processing time for government agencies and government-owned and controlled corporations to three working days for simple transactions, seven days for complex transactions, and 20 working days for highly technical transactions.

It also requires all local government units (LGU) to come up with a unified business application form to streamline procedures for the issuance of business permits, clearance, and other types of authorizations.

 

LGUs are also mandated under the new law to set-up one-stop-shops to facilitate business permits application.

 

The law also creates the Philippine Business Databank, which provides LGUs and national government agencies access to information to verify data about businesses.

 

It also establishes the Central Business Portal, which will receive and capture application data on business-related transactions.

 

The Anti-Red Tape Authority, which will be under the Office of the President, will be the key implementer of the new law and the agency tasked to monitor agencies’ compliance.



 

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Thursday, 18 October 2018
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