The Philippines has made significant strides in Ease of Doing Business, leaping 30 spots to 108th place out of 189 countries in the latest joint World Bank-International Finance Corporation report.
The report cited the Philippines as among the 10 best economies that has put inroads in making it easier to do business, together with Ukraine, Rwanda, Russia, Kosovo, Djibouti, Ivory Coast, Burundi, Macedonia and Guatemala.
Also, the report noted that the Philippines made it easier for businessmen to deal with construction permits, get credit, and pay taxes.
Senator Bam Aquino commended concerned government agencies for the country’s vast improvement from the 138th spot last year.
“I commend the government’s inter-agency task force on Ease of Doing Business for its success in implementing the gameplan for competitiveness that was put forth by the National Competitiveness Council last year to improve our global ranking in the ease of doing business survey,” said Aquino, chairman of the Senate Committee on Trade, Commerce, and Entrepreneurship.
“Our goal to be pro-negosyo and the most business-friendly country in the region is still a ways off, but this is a good indication that we’re headed in the right direction,” the senator added.
The inter-agency task force is composed of the Department of Trade and Industry (DTI), the Department of Finance (DOF), the Department of Interior and Local Government (DILG), the Department of Justice (DOJ), the Bureau of Internal Revenue (BIR), and the National Competitiveness Council (NCC).
Also included in the task force are the Bureau of Customs (BOC), Land Registration Authority (LRA), Credit Information Corporation (CIC), Securities and Exchange Commission (SEC), Social Security System (SSS), Home Development Mutual Fund (HDMF), and Philippine Health Insurance Corporation (PHIC).
Aquino’s committee has been conducting regular hearings, dialogues, and consultations with different stakeholders, government agencies, including DTI and the NCC to find ways to further improve the country’s Ease of Doing Business ranking.
“Going from 138th to 108th is a big jump, a break in inertia that we’ve been experiencing. Let’s keep this momentum going,” the young senator stressed.
At the same time, Aquino emphasized that the positive result of the new survey underscored the importance of cooperation between government agencies.
“If agencies work together, with clear and focused targets, we can successfully undertake the necessary reforms that can promote SME development and inclusive growth in the country,” Aquino said.
However, Aquino stressed that government agencies should not rest on their laurels, saying there’s still much work to be done to re-engineer the country’s business systems in a way that will truly benefit entrepreneurs and investors, specifically in terms of improving the simplicity and inter-operability of regulatory systems for greater ease in starting a business.
“For this, greater convergence among agencies needs to happen. Ultimately, our goal for 2016 is to take the country to the top third of the global table,” he added.