SEC and DTI streamline business registration process in Philippines

The Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC) in the Philippines have signed an agreement to improve business registrations. This new partnership will help streamline the process for sole proprietors to become corporations. The protocol, known as the "Swift Corporate and Other Records Exchange (SCOPE) Protocol," was signed in Makati on Wednesday. Trade Undersecretary Kris Ablan announced that the integration of their databases could speed up the incorporation process significantly. He mentioned that an application programming interface (API) will be provided to the SEC by April, making the system operational by the end of next month. So far this year, nearly 400,000 business names have been registered. The most popular sectors are wholesale and retail trade, which makes up about 58% of registrations. Other notable sectors include accommodation and food services, real estate, and manufacturing. Region IV-A has recorded the highest number of business registrations, totaling over 70,000. Other regions with significant registrations include Region III and the National Capital Region, among others. This new protocol aims to further facilitate business growth in the country.