President Rodrigo Duterte has signed the bill that will reduce processing times of business transactions in government agencies.

The President signed Republic Act No. 11032 or the Ease of Doing Business Act in a ceremony in Malacañang on Monday.

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“This law will introduce simplified requirements and streamlined procedures that will finally spare our people from the intolerable waiting time and long lines in frontline government agencies,” Duterte said in his speech.

The law, which amended the Anti-Red Tape Act of 2007, reduces the processing time for government agencies and government-owned and controlled corporations to three working days for simple transactions, seven days for complex transactions, and 20 working days for highly technical transactions.

It also requires all local government units (LGU) to come up with a unified business application form to streamline procedures for the issuance of business permits, clearance, and other types of authorizations.

LGUs are also mandated under the new law to set-up one-stop-shops to facilitate business permits application.

The law also creates the Philippine Business Databank, which provides LGUs and national government agencies access to information to verify data about businesses.

It also establishes the Central Business Portal, which will receive and capture application data on business-related transactions.

The Anti-Red Tape Authority, which will be under the Office of the President, will be the key implementer of the new law and the agency tasked to monitor agencies’ compliance. /ee

READ: Changing the ways of doing business in PH

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