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LANDBANK provincial branches now accepts application for SEC registration of stock corporations

Landbank, SEC tie up to improve corporate registration procedure
By Iris C. Gonzales (The Philippine Star) Updated September 15, 2011 12:00 AM

MANILA, Philippines - The Land Bank of the Philippines (Landbank), a government financial institution and the Securities and Exchange Commission (SEC), the country’s corporate regulator, have started implementing a partnership agreement aimed at improving corporation registration procedures in the Philippines. Landbank yesterday announced that it would start accepting application for SEC registration of stock corporations.

The bank said that starting Sept. 15, all provincial branches of would already be able to accept applications for registration.

The move is part of an agreement with the SEC signed last July.

Under the Memorandum of Agreement (MOA) signed by SEC and Landbank, a stock corporation to be organized can go directly to a Land Bank branch for the pre-processing of its SEC application, verification of the requirements, and payment of the regular filing fee.

The pre-processed application and requirements will be submitted to SEC for the processing and issuance of certificates of incorporation and Stock Transfer Book for release by Landbank to the applicant.

The pilot run of the implementation of the SEC-Landbank partnership started last Aug. 12, 2011 at the Landbank San Fernando La Union Branch.

Landbank president Gilda Pico said the agreement hopes to hasten business registration in the Philippines.

“We look forward to helping streamline the registration process and payment options through branches of Landbank. Through this partnership, Landbank and SEC can contribute to the government’s efforts of promoting businesses and economic activities,” said Pico.

Similarly, SEC chairperson Teresita Herbosa said the project aims to encourage more Filipinos to set up businesses.

“We are confident this project will encourage Filipino entrepreneurs all over the country, especially in areas where Landbank operates, to formally organize their businesses so they can enjoy the benefits of incorporation,” Herbosa said.

Earlier, Finance Secretary Cesar Purisima also said the move would make it easier for investors to do business in the Philippines.

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