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Tuesday, July 23, 2024

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Experts share how Phl can woo more foreign investors

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By Victoria “NIKE” De Dios

Cognizant of the need to entice more investors and take advantage of the positive business and investment climate perception for the Philippines, the Dutch Chamber of Commerce in the Philippines partnered with Manila Bookkeepers and tackled the importance for the government to think of long-term strategic plans and bring more foreign investors in the country.

In their business education event held last June 18, advocates highlighted the need for streamlining business registration, and taxation, among others that will attract more investments in the country.

Experts composed of certified public accountants and lawyers, bared the state of digitalization in the Philippines. Guest panelists include Atty. Jose Calsas, Jr., CPA the CFO of D&V Philippines, Edmundo Macaraeg, CPA the General Manager of Manila Bookkeepers, Atty. Joanna Marie O. Joson, Partner, Sycip Law Firm, and Karl Louie Larios, CPA the Financial Controller of Alaska.

The Ease of Paying Taxes Law and the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 are integral laws that paved the way to simplifying and digitalizing the services of government agencies. eServices such as the Online Registration and Update System (ORUS), Electronic Filing and Payment System (EFPS), ePay, and others. These platforms allow taxpayers and companies to register online and get their permits and invoices online. The panelists agreed that these improvements lead the country down a path towards digitalization. These have led to positive experiences for taxpayers. 

According to Edmundo Macaraeg, a Certified Public Accountant, the automation of the processes, now cuts down the time spent to register businesses which gives them more time to focus on starting their operations of their companies.”

The digitalization efforts of the Philippine government show promise. The advantages for large enterprises and entrepreneurs are obvious. Some of the benefits include faster release of permits, invoices, and licenses, and shorter wait times in paying taxes. These allow companies to focus on growing their businesses in the country. However, effective implementation and consistency are possible areas for improvement. 

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