Business

BIR guns for delay-free investor experience with IPU Net

Aiming for an “efficient and swift” investing experience, the Bureau of Internal Revenue (BIR), alongside four other family agencies, signed the memorandum of agreement (MOA) for the new Investment Promotions Unit Network (IPU Net) on Tuesday.

by Allan Yves Briones

Aiming for an “efficient and swift” investing experience, the Bureau of Internal Revenue (BIR), alongside four other family agencies, signed the memorandum of agreement (MOA) for the new Investment Promotions Unit Network (IPU Net) on Tuesday.

In attendance were BIR Commissioner Caesar Dulay, alongside Department of Finance Secretary Carlos Dominguez III, Bureau of Customs Commissioner Rey Guerrero, Bureau of Local Government Finance Executive Director Niño Alvina and Securities and Exchange Commission Chairman Emilio Aquino.

Under the IPU Net, an inter-agency initiative of 36 members will commit to acting on issues and concerns raised by investors within a mere 72 hours from the receipt of the complaint, and never later than 15 days.

The same agencies promise to “efficiently and swiftly” resolve investment issues to avoid delays in the processing of, among other things, business permits and other licenses.

Under the MOA, partner agencies will promote the use of the Bureau of Investments’ (BOI) One Window Network (OWN) and other online systems to fast-track the submission of investment-related issues and concerns.

The system promises complainants that their issues will be endorsed to the Anti-Red Tape Authority, who will then coordinate with the Office of the Ombudsman or the Civil Service Commission for the necessary actions.

The effort to guarantee a streamlined system seeks to improve the ease of doing business in the country, as well as raising its competitive profile as a foremost investment destination.

The IPU Network MOA was first signed in April 2007, featuring the BOI and 26 other agencies. #

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