State-owned Development Bank of the Philippines (DBP) has been tapped as the settlement bank for the Department of Trade and Industry’s (DTI) e-payment facility.
In a statement, DBP said that it will serves as DTI’s settlement bank for the payments collected online for its business name registration system (BNRS) e-payment facility.
Launched on January 20, the BNRS e-payment is a facility that seeks to make it easier for entrepreneurs to start a business in the country, wherein entrepreneurs can apply and renew their business name without visiting a DTI office.
The facility will shorten the process of business name registration as sole proprietors can apply online at www.bnrs.dti.gov.ph. Entrepreneurs can complete the business name registration process in less than 15 minutes and may opt to download and print business name certificates. Applicable fees can be paid online through BancNet ATM and debit cards and GCash.
DBP registered a P4.04-billion net income as of the end of the third quarter of 2013, improving by 39.79 percent compared to the P2.89 billion recorded during the same period a year ago.
The bank said that its higher net income was a reflection of the country’s strong economic performance and favorable market conditions.
DBP’s gross income reached P14.52-billion as of the end of September, increasing by P1.78-billion from P12.74-billion during the same period in 2012.
Its deposit levels were recorded at P222.84 billion this year from the P129.3 billion registered a year ago representing or an increase of 72.26 percent.
DBP’s total assets also went up to P392.79 billion from P313.9 billion last year, or an improvement of 25.13 percent.