MANILA – Trade Secretary Gregory Domingo is confident that the Philippines will be drawing more foreign direct investment this year with the country's increasing competitiveness rating and desirability as an investment destination.

We have made significant progress on many sides.

He cited the Philippine Business Registry as an example of government effort to streamline business registration and eliminate red tape.

The PBR integrates the processes in transacting with several government agencies to start operating a business.

It provides a real time link with agencies involved in business registration such as the Department of Trade and Industry, Bureau of Internal Revenue, Social Security System, Pag-ibig Fund, PhilHealth, and the Securities and Exchange Commission.

Domingo noted that the PBR will cut down the period for business registration to 30 minutes. The previous registration process normally took one to two weeks.

He also cited the growing list of Filipino companies expanding overseas as a very good indicator of current and future competitiveness.

These include San Miguel Corporation and Philippine Long Distance Telephone Company, and the group of companies led by the country’s business taipans, namely Lucio Tan, John Gokongwei, and Henry Sy.

Domingo said the growth of these companies outside the country is a statement of confidence that they will be competitive in foreign markets.*PNA

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