Businesses in the Philippines might soon operate while awaiting additional permits. A proposed executive order aims to cut bureaucratic delays. This proposal, known as the "One Business Act", allows firms to start business once they have Securities and Exchange Commission (SEC) approval. Francis Lim, SEC Chairman, discussed the initiative during a press briefing in Manila. He marked his first anniversary in office. Lim emphasized the goal of easing business processes.

Firms often face delays due to pending permits from various agencies. The current system requires all permits to be finalized before starting operations. Lim cited examples of delays from agencies like the Social Security System. These delays hinder business activities. The SEC wants to streamline these processes.

The SEC works with the Department of Finance on this proposal. Lim stresses that an executive order is necessary. He believes this is the most effective way to implement the change. They hope the order will address these operational delays.

The SEC aims to digitalize and automate business registrations. The goal is to minimize human involvement in transactions. Lim highlighted strides towards comprehensive automation during his tenure. He believes this will simplify the business landscape.

Upcoming reforms look to enhance capital market access. Recent regulatory adjustments have sparked increased company interest. Mynt Inc., the parent of GCash, plans an initial public offering. This is anticipated in the fourth quarter. Mynt’s compliance with SEC requirements remains pending.

SEC Commissioner McJill Bryant Fernandez mentioned ongoing document submissions. They expect to issue authorizations soon. They anticipate a rise in capital markets activity following these changes.

The SEC also considers government corporations for future market listings. This is part of a drive to diversify local capital markets. Lim assures that the SEC will continue to prioritize investor protection. Revised rules for equities and fixed-income securities will launch in September. These measures aim to eliminate unnecessary barriers. Businesses eagerly await these changes.