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Philippines Needs A National Business Registry Data Bank

August 2, 2010

SENATOR LOREN LEGARDA TODAY SAID TO BETTER ASSIST IN THE FACILITATION OF BUSINESS TRANSACTIONS AMONG LOCAL AND FOREIGN ENTREPRENEURS IT IS IMPORTANT TO ESTABLISH A PHILIPPINE BUSINESS REGISTRY DATABANK (PBRD) WHICH SHALL SERVE AS THE MAIN REPOSITORY OF BUSINESS DATA IN THE COUNTRY BY PROVIDING BUSINESS INFORMATION AND OTHER SERVICES THROUGH ELECTRONIC NETWORKING.
“The speedy access to important information shall facilitate business transactions and partnerships.”
Legarda’s Senate Bill No. 1413 proposes the presence of a National Coordinating Board from representatives of various departments and agencies such as the Department of Trade and Industry (DTI), the Department of Interior and Local Government (DILG) and the Securities and Exchange Commission (SEC) to oversee the efforts of the Databank.
“The information to be utilized by the PBRD shall come from the consolidated business permits issued by the cities, municipalities and the ones gathered by the SEC and DTI.”
Legarda also recommended that, “The President of the Philippines shall appoint three (3) representatives from business organizations to the board for a term of three (3) years.”
Legarda cited, “The local government of Quezon City recognized the need to create a business comprehensive database to speed up their business transactions. The Quezon City Business Registry contains important information like business demographics and premium brands. Such program lives up to the city’s tags as the “ICT Capital of the Philippines” and “Most Business Friendly City.”
“The city of Naga enacted Ordinance No. 2005-0008 on January 24, 2005 which mandated the creation of the Naga City Business Registry Databank.”
“In the age of Globalization, business transactions cross geographical borders in a short period of time. Vital and comprehensive information should be available within a matter of seconds to ensure the success of the dealings. The less challenges the investors and entrepreneurs face, the higher the success rate, which will translate, to the development of the country’s economy,” Legarda concluded.