Research Paper on "Viability of Trade"

Research Paper 8 pages (2483 words) Sources: 8

[EXCERPT] . . . .

The investor should get a community certificate and barangay clearance at the town of intended business and a clearance from the National Bureau of Investigation or Philippine National Police. She should also prepare a copy of her birth certificate to show Filipino citizenship and two identical photos less than a year old. She should sign at the back of the photos. She should have her chosen business name before proceeding to the DTI and depositing her desired capital at a bank, which should issue a formal verification of the deposit (IBRD).

The Philippine Business Registry or PBR (2009) is the one-stop, government-initiated entity, which facilitates business registration. It merged and integrated all agencies involved, such as the DTI, the SEC, Cooperative Development Authority, Bureau of Internal Revenue, Social Security System, Pag-ibig or Home Development Mutual Fund, Philippine Health Insurance Corporation, local government units, and other licensing agencies. It enhances government effort in extending this kind of service, discouraging corruption, and reducing red tape in the bureaucracy. Each of the involved agencies interlinks with the others, hence, business applicants need not actually transact in individual offices for registration. Sole proprietor applicants can validate their business names from the DT, acquire or validate their tax identification numbers from the BIR and their employer registration number from the SSS, Pag-ibig and Philhealth under the PBR system. Sole proprietor applicants may also register and transact online through their own computer or at designated PBR office. They will need to fill out a downloadable application form from the DTI or SEC website, print it and then submit it to a PBR kiosk or teller when actually registering (PBR).

Doing business in the Philippines today requires 15 procedures and anywhere from a month to less than a month if registration is done at a PBR kiosk (IBRD 2013, PBR 2009). Doing business requires 18.7% of income per capita and a 4.6% paid-in minimum capital per capita. The Philippines ranks 170 out of 189 on the ease of starting a business. It is 5th among the 6 rated countries in East Asia and the Pacific. It received a DB2013 rating, which indicated that no reform has been made on its performance (IBRD).

Assuming that the property is registered and must be transferred, the investor will have allot time, records and expense for 8 procedures, approximately a month and 4.8% of the value of the property (IBRD 2013). The Philippines was recently ranked as the 121 of 189 and the 6th among 6 East Asia and the Pacific countries in the ease of registering property. Philippine firms must make 36 tax payments every year, allot 193 hours a year filing, preparing and paying these taxes, and actually pay taxes. These are 19.6% profit tax, 10.8% labor tax and contribution, 14.2% other taxes and 44.5% profit tax (IBRD).

The Government Commitment to Local Trade

The level of viability of a trade business depends a lot on government support in all aspects. The DTI envisions the Bicol region as an agro-industrial economy and an investment location, which is capable of yielding locally competitive, environment-friendly industries (DTI 2008). These industries are not only seen as viable but also contributing to the sustainable growth, poverty reduction level and the overall improved quality of life in the region and surrounding locations. The government, through this Department, aims at serving and supporting trade and industry development and consumer welfare as a partner to the private sector, local government units and other participants. It stands as one with them in fostering a favorable and healthy business climate by delivering the needed services and other inputs. It is formally committed to insure the well-being of all human resources and work in order to sustain the development of a competent and productive workforce. In implementing this commitment, DTI launched and is operating the One Town, One Product or OTOP initiative as a priority activity. Through it, various programs and projects promote the products of regions domestically and globally. The priority and potential products of Region 5 or Bicol are among these. DTI is committed to deliver market development, product development, training and seminars, advocacy and networking, consumer education and information, consumer assistance, price stabilization, fair trade law enforcement, and business regulation (DTI).

Region 5 is the gateway from Luzon to the Visayas and Mindanao and to the Pacific (DTI 2008). The country itself is at the heart of industrialized countries and quite accessible to them. It thus presents as easy and viable market in the Pacific, Europe and the United States. It is quite accessible by land to and from Manila and the entire Luzon archipelago through the Maharlika and Quirino Highways. Travel from the Visayas and Mindanao archipelago is convenient via the Matnog ferry. Travel to and from Manila from Legaspi City by major bus lines takes about 10 hours (DTI).

Acronyms

IBRD - International Bank for Reconstruction and Development

DA -- Department of Agriculture

DTI -- Department of Trade and Industry

MT -- metric ton/s

SEC -- Securities and Exchange Commission

PBR -- Philippine Business Registry

BIR -- Bureau of Internal Revenue

OTOP -- One Town, One Product

BIBLIOGRAPHY

Barugoboy. Vegetable Planting Guide. 4 Shared, 2001. Retrieved on November 21, 2013

from http://www.dc355.shared.com/doc/dRd_54Wd/preview.html

DA. Community Profile: Bicol. Department of Agriculture, 2013. Retrieved on November 20, 2013 from http://bicol.da.gov.ph/Opportunities/commodity.html

-. The Province of Camarines Norte, 2002. Retrieved on November 20, 2013 from http://bicol.da.gov.ph/Statistics/provincial/cn.html

-. Bicol's Potential Crops. Department of Agriculture Region V, 2002. Retrieved on November 20, 2013 from http://bicol.da.gov.ph/PriorityCrops/Investmentpotential/Investmentpotent_index.html

DTI. Region 5. Department of Trade and Industry Regional Operations, 2008. Retrieved

on November 20, 2013 from http://www.dti.gov.ph/dti/index.php?p=57

IBRD. Doing Business 2014. Economy Profile: Philippines, 11th edition. The International Bank for Reconstruction and Development, 2013. Retrieved on November 20, 2013 from http://www.doingbusiness.org/data/exploreeconomies/~/media/giawb/doing%20business/documents/profiles/country/PHL.pdf?ver=2

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