President Rodrigo Duterte on Monday enacted the measure seeking to streamline doing business in the country.
Flanked by congressional leaders, Duterte signed Republic Act 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 in simple ceremony held in Malacañang.
The enactment came months after the World Bank released a report showing the Philippines in 113th place out of 190 countries in terms of ease of doing business in 2017, a 14-point drop from 99th in 2016.
In his speech, Duterte said the passage of the law was "long overdue."
"This addresses the failure of Anti-Red Tape Act of 2007 to solve the perennial problem of bureacratic red tape in our government institutions," he said.
"This law will introduce simplified requirements and streamline procedures that will finally spare our people from intolerable waiting time and long lines of frontline government agencies."
Under the new law, agencies are required to process simple transactions within three days, complex transactions within seven days, and highly technical transactions within 20 days.
The law also limits to three the number of signatories for applications for licenses, clearance and permits.
Local governments are also mandated to automate their business permit and licensing system, set up one-stop business facilitation services, and use online unified business application forms.
"By automating our bureaucratic processes and integrating online mechanisms in day-to-day transactions, we do not just bring our people closer to their government. We also forge a vibrant and productive relationship that will redound to the benefit of the people," Duterte said. —KBK, GMA News