Philippines

By Franchette M Acosta, senior partner, Villaraza & Angangco

A law promoting the ease of doing business and efficient delivery of government services took effect this June 2018. 

Aimed at eliminating bureaucratic red tape which could slow down the establishment of businesses in the country, the law requires the Department of Information Communications and Technology (DICT) to oversee the creation of a Central Business Portal to receive applications for licenses issued by the Securities and Exchange Commission, local government units and other regulatory agencies. In addition, within a period  of 1 year form effectivity of the law, the DICT is mandated to establish a Philippine Business Databank (PBD) which will provide government agencies access to data and information of registered business entities. The creation of a PBD will allow government to verify information submitted in connection with an application.  The PBD is expected to streamline application processes. The law provides that documents already submitted by an applicant to an agency with access to the PBD will no longer be required by other agencies linked to the PBD. Documents needed to process an application may be retrieved or accessed through the PBD.

The above article is information purposes only and is not intended to constitute legal advice.

 

 

 

 

 

Related Articles by Firm
Non-bank credit card issuers subject to new Bangko Sentral Regulations
To ensure that credit card issuers have the capacity to deliver services efficiently and securely, management must implement appropriate risk management and control systems.
Joint Venture Guidelines of the Philippine Reclamation Authority
The Guidelines govern all JVAs formed for the development and disposition of PRA’s existing properties and projects.
The Philippine Anti-Money Laundering Commission extends compliance requirement
Jewellery dealers, dealers in precious metals and dealers in precious stones are now deemed covered persons.
Updates on Data Privacy Law Compliance in the Philippines
Phase II Registration with National Privacy Commission ...
Philippines: Bureau of Internal Revenue Clarifies Taxes on Offshore Gaming
The Bureau of Internal Revenue (BIR) issued Revenue Circular No. 102-2017 clarifying the tax imposed on entities engaged in Philippine offshore gaming operations ...
Law Passed Strengthening Consumer Protection in the Philippines
On December 19, 2017, the Gift Check Act of 2017 (Republic Act No. 10962) was signed into law ...
Casino Covered by Philippine Anti-Money Laundering Laws
The Philippine government has expanded anti-money laundering laws to include casinos, including internet and ship-based casinos ...
Philippine rules on merger procedure
The Philippine Competition Commission issued the Rules on Merger Procedure which explain the timing for the filing of a notice for covered transactions, the procedure for notification, Phase 1 and Phase 2 review and other matters, including confidentiality claims ...
Philippines: Timing for Notification under the PCC Rules on Merger Procedure
The Philippine Competition Commission published its Rules on Merger Procedure ...
Joint Venture Agreements with Philippine Local Government Units as Public-Private Partnership Modality
The Duterte Administration is poised to fund its aggressive infrastructure program internally and through official development assistance ...
Update on Data Privacy Law Compliance in the Philippines
Automated Decision-Making Operations, Institutions Likely to Pose Threats to Data Subjects and Phase 1 and Phase 2 of Registration with the NPC ...
Philippine Competition Commission Merger Review Guidelines
On 23 March 2017 the The Philippine Competition Commission (PCC) released the Merger Review Guidelines ...
Related Articles
Adopting eDiscovery for internal investigations
In-house counsel are often called on to manage an internal investigation. How can you effectively plan for and manage these investigations? We explore how electronic discovery (eDiscovery) tools help you mitigate risk and achieve your fact-finding mission.
Venture capital flourishes in the MENA region on a strong offshore foundation
The recent announcement of Uber Technologies Inc’s acquisition of its Middle Eastern based competitor, Careem, in a cash and stock transaction worth US$3.1 billion, has renewed the spotlight on the burgeoning venture capital market in the Middle East and ...
Encouraging foreign direct investment in Vietnam's education sector
One of the noteworthy points under Decree 86 is educational association, which is defined as twinning between Vietnamese private kindergartens ...
Related Articles by Jurisdiction
Anti-Trust & Competition: Philippines - Towards robust yet balanced competition in the Philippines
The state of Philippine competition regulation has been slowly taking shape barely over two years after the passage of the Philippine Competition Act (RA 10667) ...
Cyber bullying in the Philippines
The pen is mightier than the sword or so the adage goes. When this was once said, it was to highlight the power of thoughts and ideas over brute force and violence as a way to effect change. Today, the ...
An overview of Philippine Data Privacy Law
Republic Act No. 10173, or the Philippine Data Privacy Act of 2012 (RA10173), was signed into law on August 15, 2012. This is the ...
Latest Articles
The Philippine Competition Commission bares its teeth
For the first time since its inception in 2015, the Commission has blocked a merger after conducting its review.
Bridging the Thai-Chinese cultural divide
China will soon become the leading foreign investor in Thailand, but there are still significant challenges for the unwary.
跨越中泰文化差异:寻找最佳法律合作伙伴
当她10岁随父母从中国移居泰国时,看到很多同时期的中国移民因为对泰国法律缺乏了解,投资受到重大损失。自此她矢志学习法律,立志帮助中国新移民跨越泰国的法律雷区,在泰国安居乐业。