Gov't launches Philippine Business Data Bank

The government launched on Monday the Philippine Business Data Bank (PBDB), a centralized digital platform to be used by key agencies involved in processing business permits.

The Department of Finance (DOF) said it launched the PBDB in partnership with the Departments of Information Technology and Interior and Local Government.

The PBDB will be used by the Securities and Exchange Commission (SEC), the Philippine Economic Zone Authority (PEZA), as well as 1,600 local government units (LGUs) and the Department of Trade and Industry (DTI) which co-chairs the National Competitiveness Council.

"With the PBDB, government agencies can readily access data on a particular business, eliminating the need for business owners to bring numerous documentary requirements when transacting with the government," Finance Undersecretary Gil Beltran said.

Data on business entities will be provided by the DTI, SEC, LGUs, and Cooperatives Development Authority.

In the future, the data bank will include information on locators in special economic zones supervised  by the Philippine Economic Zone Authority.

"Information shared in the PBDB system covers data that businesses have already made public as contained in their respective business permits that are required to be displayed in a conspicuous area in their place of business," the DOF noted. —Jon Viktor Cabuenas/VDS, GMA News