RDC 7 enjoins SEC to fast-track 

its online company registration 

TAGBILARAN CITY, Bohol, July 5 (PIA)—The private sector-led Regional Development Council in region 7 (RDC) steps in to address concerns from the business community relative to the slow process in registering businesses at the Securities and Exchange Commission (SEC). 

The RDC noted the negative feedback emanating from the business community which now feels severe loss of business opportunities owing to prolonged waiting time in the registration, especially with limited feed backing and interaction mechanism with SEC. 

In November 2017, the SEC has operationalized its online Company Registration System (CRS), but the downside was, only the SEC Main Office can process the online applications. 

Businessmen who feel they have been abandoned in mid-air due to the added hassle think the trouble stems from SEC’s possible lack of support information communication technology equipment and usable hardware, manpower and the capable staff to run its regional registration operations. 

The business sector feels shortchanged, as the retrogression of the SEC process has already cost regional clients missions of pesos and countless business opportunities, local chamber members also aired. 

According to RDC reports, the prolonged waiting time [for the business to be registered online] takes, from 1 day at Cebu office before the CRS, to 3-6 months after CRS. 

The current situation runs counter to RA 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, asserts the RD7, meeting in full council to discuss matters relative to regional development. 

To respond to the issue, the RDC through its Economic Development Committee recommends for the council to enjoin the SEC to speed up its business registration. 

The RDC, according to chairman and world renowned designer Kenneth Cobonpue is now poised to ask the SEC to fast-track its efforts in capacitating the SEC-Cebu Extension Office to optimally run the SEC's online Company Registration System (CRS). 

In its recommendation, the RDC 7 also asked SEC to fast-track its efforts in capacitating the SEC-Cebu Extension Office to optimally run the SEC's online Company Registration System (CRS). 

This can only be done with SEC immediately providing the needed ICT equipment and hardware, and developing staff capability to run the CRS to serve regional clients. 

As this develops, the National Economic Development Authority 7 through the Regional Director Efren Carreon, who also sits as RDC Vice Chair, said they maintain a positive outlook for business in Central Visayas. 

The continued robust economic growth in the region led by its major economic drivers: tourism, business process outsourcing and construction has firmly anchored its growth, and over this, economists expect to the region to fare better in 2018. (rahc/PIA-7/Bohol)