By Minerva BC Newman
There is an urgent need for a
‘one-stop-shop’ e-business registry in the country today to compete in the world investment market, a trade official said.
Minerva Yap, coordinator of the National economic Research and Business Assistance Center (NERBAC) of the Department of Trade and Industry (DTI) 7, said this was necessary for convergence and convenience in processing business registration and documents such as permits, clearances and similar documents.
Yap said the Philippines was losing its foreign investors to China, Russia and India because “of our round-about- ways and long red tape in our present systems, procedures and processes in registering a company or business in the country.
“This has translated to a dismal showing in the country’s business registration and licensing competitiveness compared to its neighbors in the ASEAN regions,†Yap said.
Yap said that in the 2007 World Competitiveness annual review, the Philippines was ranked at 45 in a list of 55 countries in its capacity and ability to create and maintain an environment conducive to business.
The report said that countries like China, Russia, India, the Slovak Republic, Estonia, Sweden, Austria, Australia, Denmark, Switzerland and Hongkong had caught up quickly in their competitive performance through strong improvement in their business registry environment.
“The economic and business power is now shifting to new countries,†Yap said.
China, Russia and India had together stacked up billions of dollars in foreign currency reserves and local companies from Southeast Asia, India, China, Russia and the Gulf countries were now buying industrial assets the world over, Yap said.
On the other hand, Indonesia, Italy, Argentina, Brazil, Mexico, Turkey, France and the Philippines lost their grounds despite some real and specific competitive advantages.- pna
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