- Category: Banking & Finance
15 May 2013
- Written by Paul Anthony A. Isla / Reporter
THE Development Bank of the Philippines (DBP), the Department of Trade and Industry (DTI) and electronic-banking consortium BancNet on Wednesday signed an agreement to assist the government agency in implementing an online business-name registration system beginning May 31.
This system, called the Enhanced Business Name Registration System (E-BNRS), aims to make the registration of business names faster and easier.
The E-BNRS is designed to provide protection to those dealing with business establishments by disclosing the identity and citizenship of the business owner. It also prevents a business establishment from using a name similar to that of a registered enterprise.
In his remarks during the signing of the agreement, DBP President and Chief Executive Officer Gil A. Buenaventura—who inked the deal with Trade Undersecretary Zenaida Maglaya and BancNet President Robert P. Blas—said the government-run bank is happy to be partnering with the DTI and BancNet for the E-BNRS, which should encourage the growth of enterprises in the country.
He added that the DBP, as the depository bank for the registration system, would enable the DTI to facilitate online payments for business-name registrations and renewals.
Buenaventura also said it is indirectly assisting the DTI in promoting the growth of micro, small and medium enterprises (MSMEs), as more of these will be encouraged to register their businesses.
Up to 98 percent of businesses in the country are in the MSME sector, and that figure only accounts for registered enterprises, according to the DBP chief.
“We don’t know how many unregistered or undocumented enterprises [are actually operating in the country]. By making… business registration and documentation easy and more convenient, we will be able to bring more enterprises into the formal sector of the economy. This will benefit the enterprises themselves as they will now qualify for financial, marketing and other services,” Buenaventura said.
He also said the bank will continue to support the development of the MSME sector through various funding and technical-assistance programs.
For his part, Blas said the E-BNRS will be complemented by BancNet, which will act as the payment gateway.
“This convenience will be extended to 20 million automated teller machine [ATM] cardholders from 26 of our members composed of rural, savings and universal banks that accept online-banking transactions,” Blas said.
Soon the service will be available to all of BancNet’s 109 members, with total potential users of 29 million ATM cardholders, he added.
The DBP said that with E-BNRS, a proprietor does not need to visit a DTI office to pay fees ranging from P215 to P2,000 after registering his or her business. Data to be filed up through the web site have also been reduced.
The system is in line with Philippine Business Registry projects that integrate all processes essential to starting a business. This includes transactions with the Bureau of Internal Revenue for tax identification numbers, and transactions with the Social Security System and Home Development Mutual Fund for employer-registration numbers.
Partnerships, corporations and cooperatives do not fall under the scope of the system, for these are covered by the Securities and Exchange Commission.
In Photo: (From left) Trade Undersecretary Zenaida Maglaya, Development Bank of the Philippines President and Chief Executive Officer Gil A. Buenaventura and BancNet President Robert P. Blas face the media after signing a memorandum of agreement on the Enhancement Business Name Registration System on Wednesday. (Alysa Salen)