The National Economic Research and Business Assistance Center (NERBAC) shall be launched in the last quarter of the year to facilitate business transactions in Cebu.
Cebu and Davao were chosen as pilot areas for the establishment of the NERBAC, an agency that will help fast track investment entry and business processes in the country.
In Cebu, NERBAC occupies the former Department of Tourism in Central Visayas office, near Plaza Independencia.
The NERBAC office will be a one-stop place for business registration. All regulatory requirements to start a business will be housed in the office. This is meant to streamline business licensing procedures in Cebu and Davao.
Representatives from government agencies involved in business licensing processes will be present at the NERBAC office. These agencies include the Securities and Exchange Commission, Bureau of Internal Revenue, Philhealth, Board of Investments and the DTI.
In line with Republic Act No. 7470, the NERBAC has been created to enhance economic growth by providing necessary and strategic economic and business information and research assistance thereby expediting the process of business formation and encouraging the growth of entrepreneurship of the country.
The business center provides prospective entrepreneurs/ investors basic information on various business options that are open to them in accordance with the government’s IPP (Investment Priorities Plan). It shall provide a one-stop action center which shall facilitate the processing and documentation of all paper requirements necessary for the establishment of a business enterprise in the country including credit services.
NERBAC FUNCTIONS
Provide information to prospective investors (local & foreign) on the different kinds of business opportunities that are in accord with the government’s IPP
Establish an updated bank of all industries and business enterprises in the country
Prepare feasibility studies of existing as well as possible industries in the country that can help entrepreneurs decide on what business to venture into
Organize and maintain a centralized one-stop shop services or assistance center that shall expedite the processing of all government requirements necessary in establishing a business
Monitor technological advances relevant to business and economy, and disseminate the same to Filipino entrepreneurs and the public in general
Formulate and coordinate the conduct of relevant research projects to attain the Center’s goals
Monitor and collate economic, technical, and industry research output of all government agencies that has reference to business enterprises, as well as to investors in the country
Collect and facilitate the gathering of information on the kind of technology/ machinery needed, their prices, specifications and where they can be purchased or leased, as well as to help rehabilitate and modernize existing machinery and equipment of essential industries
Facilitate gathering of information on how to harness indigenous resources and technology required for our development efforts
