The Philippines has a heavily bureaucratic government; which means there are a lot of different agencies that handles almost every type of process. Navigating through them without proper knowledge of the inner workings might end up wasting valuable time.
Triple i Consulting can help your company through all the Philippine government agencies. Because of our vast dealings with the government, we can greatly reduce your processing time of your application.
The Securities and Exchange Commission (SEC) was established on October 26, 1936 by virtue of the Commonwealth Act No. 83 or the Securities Act. Its major functions included the registration of securities, analysis of every registered security, evaluation of the financial condition, and operations of applicants for security issue. It has jurisdiction over all corporations, partnerships or associations licensed by the Philippine government. All domestic corporations (those incorporated in the Philippines) obtain their license from and are registered with the SEC. They also handle the registration of branch offices, representative offices, and regional headquarters; as well as the screening of applications for real estate broker’s or dealer’s license, stock and bond brokers, as well as the stock exchanges.
The Department of Trade and Industry (DTI) is an umbrella organization for many of the industry offices in the Philippines. It is used for registration on company names and creations of sole proprietorships, as well as importers and exporters, who can receive special incentives for importing. Certain industries are also required to register with the DTI depending on the nature of business. DTI is the governing body of investment promotion organizations like the Board of Investments (BOI) and Philippine Economic Zone Authority (PEZA), the local entity that represents international certifications like International Standard Organization (ISO) and International Electrotechnical Commission (IEC), and handles the accreditation functions of the Bureau of Product Standards’ (BPS) Accreditation Scheme (BAS) and Laboratory Accreditation Scheme (BPSLAS).
The Social Security System (SSS) is the government office dealing with social security, providing employees with compensation and medical benefits. All employees and employers, both foreign and national, earning more than 1,000 PHP must register and pay to SSS. Paying members may also apply for loans depending on income and length of membership. Employers must register and pay for their employees’ share of SSS, which should be deducted from the regular working salary of the employees.
Managed by the Pag-IBIG fund, the Home Development Mutual Fund (HDMF) requires all employers and employees to register and contribute to the fund. President Gloria Macapagal-Arroyo signed it into law Republic Act No. 9679, making membership mandatory. It is mainly used to supply housing loans and calamity relief funds to its members.
The Philippine Health Insurance Corporation (PhilHealth) is a government-owned and operated health care corporation whose main mission is to provide basic health insurance and health care financing to all Filipinos. It receives its funding from the local government units (LGU), as well as contributions from members. Membership is mandatory to all members of the SSS.
The Department of Labor and Employment (DOLE) is mandated to promote gainful employment opportunities, develop human resources, protect workers and promote their welfare. DOLE exclusively administers and enforces labor and employment laws, and is responsible for assigning alien employment permits, as well as handling all labor issues.
Knowing each of these agencies’ procedures can greatly reduce application processing time. With Triple i Consulting’s extensive dealings with these government agencies, we act as the buffer between you and strict government agencies as the SEC, DTI, and DOLE, helping you with business registration, tax incentive program application, and alien employment processing.