LOREN SEEKS BUSINESS DATA BANK
TO IMPROVE BUSINESS ENVIRONMENT

Sen. Loren Legarda yesterday filed a bill proposing the establishment of a Philippine Business Registry Databank to provide vital and comprehensive information to business enterprises and entrepreneurs and thus help in economic expansion and growth of the country.

"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," said Loren.

The measure provides for the creation of the Philippine Business Registry Databank which shall serve as the main repository of business data in the country. It shall provide business information and other services through electronic networking. The speedy access to important information shall facilitate business transactions and partnerships.

In order to coordinate the activities of the PBRD, Loren proposed the creation of a a national coordinating board composed of representatives from 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). The President of the Philippines shall appoint three representatives from business organizations to the board for a term of three years. 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. For its first year, the amount of ten million pesos shall be appropriated to ensure its proper establishment and implementation, Loren proposed.

Also to be named members of the PBRD are representatives from Department of Trade and Industry, the Department of the Interior and Local Government, the Securities and Exchange Commission, and the National Statistics Office.

Tthe President of the League of Cities, the President of the League of Municipalities, the President of the Philippine Chamber of Commerce and Industry (PCCI), five PCCI area Vice Presidents;and three (3) representatives from other business organizations with countrywide network or membership shall be appointed by the President of the Philippines as representatives to the board for a term of three (3) years.

The PCCI, through its President or its duly designated Representative, shall be the National Coordinator and shall recommend to the board the appropriate programs and policies to be formulated in the Implementing Rules and Regulations (IRR).

The information necessary for the PBRD shall be generated and collected through the business permits issued by cities and municipalities as well as those gathered by the Securities and Exchange Commission and the Department of Trade and Industry.

The heads of the Department of Trade and Industry, the Department of Interior and Local Government, the Securities and Exchange Commission, the National Statistics Office, and the mayors of cities and municipalities shall assist the local chambers of the PCCI in collecting the information necessary for the PBRD. The local chambers of the PCCI will ensure that the data is collected, encoded and transmitted to the PBRD.

The PCCI through the local chambers shall work and coordinate with the heads of the Securities and Exchange Commission and the Department of Trade and Industry, as well as the mayor's office of each city and municipality to establish and maintain a Local Business Registry Databank (LBRD), Loren proposed.