MANILA, May 28 (Xinhua) -- Philippine President Rodrigo Duterte signed on Monday a law that aims to improve the overall business environment in the country by making the process of putting up and running a business easier and more efficient.

"This law will introduce simplified requirements and streamline procedures that finally spare our people from intolerable waiting time and long lines of frontline government agencies," Duterte said in a speech during the signing ceremony at the presidential palace.

The law, called "the Ease of Doing Business Act of 2018," aims to shorten the number of days in processing permits and licenses for all business-related transactions in the Philippines.

It also aims to impose stricter rules, which include a two-strike policy on erring government officials who failed to comply to issue permits within a given period.

Passed in the bicameral conference committee on Feb. 14, Duterte said the new law addresses the failure of the Anti-Red Tape Act of 2017 to solve the country's perennial problem of bureaucratic red tape in all government institutions.

One of the most important features of the law is the standardisation of the processing time of government transactions, Duterte said.

For now on, agencies are required to process simple transactions within three days, complex transactions in seven days, and highly-technical transactions in 20 days.

"The law will also limit the maximum number of signatories for applications and licenses, clearances, permits, certifications and authorizations. Electronic signatures will also be recognized and a zero contact policy will be implemented to avoid improprieties," Duterte added.

He said the law also mandates the local governments to automate their business permit and licensing system and set up one-stop facilities, services and to use online unified business application forms.

He said one of the priorities of his administration's 10-point socio-economic agenda is to encourage competitiveness and improve the overall business environment.

"We intend to accomplish that by promoting integrity, accountability and good governance in all government transactions."

During the same speech, Duterte also lamented that corruption that is harmful to business still persists despite efforts to stamp it even by the previous administration.

Duterte has fired several officials due to alleged involvement in graft and corruption, including several cabinet officials.

Midway into his speech, Duterte announced that he has decided to fire the government corporate counsel Rudolf Philip Jurado due to corruption issue.