Improved investment statistics generation scheme now implemented in CAR

The improved generation of investment statistics is now currently being implemented locally on a pilot basis in the Municipality of Tuba, Province of Benguet in the Cordillera Administrative Region (CAR). Being a pioneering initiative, this is a landmark event in the history of statistical development in the Cordillera. Tuba is one of the municipalities in BLIST (Baguio, La Trinidad, Itogon, Sablan, Tuba) – a zone envisioned to showcase comprehensive urban development in CAR.

Improved local investment statistics will be generated thanks to a modified business permit application form recently approved by the Tuba Sangguniang Bayan in Ordinance No. 04, Series of 2000. Investment statistics would include but not limited to the following data about a business or economic activity: Initial Capital, Additional Capital, Total Revenue, Nature of Business, Type of Ownership, Business Scale, and corresponding Philippine Standard Industrial Classification (PSIC) code among others.

 Investment statistics is also currently being generated by the Department of Trade and Industry (DTI) through its Business Name Registration (BNR). The major limitation of the investment statistics generated through the BNR is the fact that it is updated only after every five (5) years. In such a situation, said statistics is not able to capture the events surrounding the concerned business entity during the years before the fifth year. Moreover, not all business entities register their business names with DTI. On the other hand, the business permit renewal/application cycle of the local government unit (LGU)/municipality is implemented on an annual basis. Add to this the fact that all business entities in the municipality are more likely to obtain or renew their business permit. By riding on the annual business permit application/renewal cycle of the LGU, the investment picture is consequently updated annually as well.

 Improved investment statistics provides for better planning and decision-making of government officials as well as private entities. With this implementation in Tuba, it is hoped that a better investment picture can be painted of the municipality thereby providing guidance as to which economic activities should be accommodated and prioritized. In general, the results of this activity can be a tool of the municipality in its development planning, setting of economic policies as well as in local government administration.

 This initiative commenced with the recognition by the RSCC of the problem on investment statistics and the consequent creation of the Task Force on Investments by virtue of RSCC Resolution No.03-99. Chaired by DTI, the Task Force on Investments has the following member-agencies: NEDA, DILG, NSO, SEC and NSCB. Said Task Force undertook the groundwork that led to the implementation of this improved investment statistics generation scheme. A regional replication of the sc heme is forthcoming after a careful assessment of the Tuba experience in due time.