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The Makati-Taguig skyline in this photo taken on April 12, 2024.   Gigie Cruz, ABS-CBN News

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PH ECONOMY

Addie Cuadra

ABS-CBN News

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17301314329651730131458157.jpeg" class="fr-fic fr-dib" alt="The Makati-Taguig skyline in this photo taken on April 12, 2024. Gigie Cruz, ABS-CBN News/file"/>The Makati-Taguig skyline in this photo taken on April 12, 2024.  Gigie Cruz, ABS-CBN News/file</div>MANILA– The Philippines has been chosen as one of the 50 economies to participate in the World Bank’s new Business Ready Report, according to Secretary Ernesto Perez, Director General of the Anti-Red Tape Authority (ARTA), during the opening of the Ease of Doing Business (EODB) Convention in Pasay City on Monday.“Good news in the sense na the 50 economies in the [world], we were selected by the World Bank Group as the pilot economy or country where they have conducted, will conduct the business ready report. This is a new reporting system by the World Bank after it suspended the annual Doing Business survey they used to conduct,” said Perez.The Philippines ranked within the top 40 of participating nations.“This year they launched it with the Philippines was chosen to be one of the 50 countries or economies. And out of 50 countries, we were rated as belonging to the top 40 percent,” he added.The EODB Convention, themed “METRIC: Maximizing Efficiency Through Regulation, Innovation, and Collaboration,” runs from October 28 to 30, 2024. It aims to bring together government officials, business leaders, technology experts, and international representatives to discuss strategies for streamlining processes and improving bureaucratic efficiency.In line with President Ferdinand Marcos Jr.’s directive to transform red tape into a more business-friendly environment, ARTA plans to showcase its innovative initiatives in digitalization and regulatory reform throughout the convention. The event seeks to enhance the Philippines’ reputation as a competitive investment destination, fostering a more supportive atmosphere for businesses.The first day of the convention focused on the results of the World Bank Group’s Business-Ready survey, analyzing the Philippines’ positioning in global markets. Perez noted the importance of implementing regulatory reforms effectively, as the country currently ranks 16th in terms of its regulatory framework.“3 pong pillars ang pinagbasehan. One on the regulatory reform framework. Two yung sa service delivery. 3 yung efficiency of services. We are strong in terms of the framework. Meaning in terms of laws [and] regulations, we are strong because we ranked 16th actually. It’s in the implementation of those reforms that we somehow rated to be needing more improvement,” Perez said.Perez added that ARTA plans to establish technical working groups across ten priority sectors, including business startups and labor policies. These groups will facilitate collaboration between various government agencies and the private sector to ensure the effective implementation of necessary laws and regulations.“We will not stop having been designated by the President was the focal point for the business survey report. We are going to form technical working groups for this involving the 10 sectors–priority sectors,” he added.“These technical groups that we will be creating we’ll be forming together with agencies involved. So that not only in terms of having a good ranking but maybe driving our economy forward as we say, nandyan po yung mga laws and regulation that need only to be implemented and the best way to implement them is to gather all the agencies involved and gathering also the support of the private sector,” he added.Perez said the Philippines aims to break into the top 20 of the rankings by 2026, with ongoing reforms and initiatives designed to streamline government services and enhance the overall business climate.“We should always aim for the top hindi lang dapat tayo top 40 dapat top 20 no yan ang ating aim. Kung lahat ng mga programa [at] initiatives na ginagawa po agad ng directive of the President… Kaya po ang ARTA ay nakatutok dito pinagaralan nating mabuti how we can really improve our rank,” Perez explained.He also urged greater participation from stakeholders and encouraged proper responses to survey questions to reflect the true state of the business environment.The convention will continue through October 30, with day 2 focusing on the pivotal role of Republic Act No. 11032, which aims to improve bureaucratic efficiency.The final day will highlight successful public-private partnerships and feature the Report Card Survey (RCS) 2.0 Awarding Ceremony to recognize excellent public service delivery.As the Philippines seeks to elevate its business standing, the ongoing collaboration between the government and industry will be crucial in driving progress and attracting investment.

The Philippines has been chosen as one of the 50 economies to participate in the World Bank’s new Business Ready Report, according to Secretary Ernesto Perez, Director General of the Anti-Red Tape Authority (ARTA).

The Philippines has been chosen as one of the 50 economies to participate in the World Bank’s new Business Ready Report, according to Secretary Ernesto Perez, Director General of the Anti-Red Tape Authority (ARTA).

ARTA: PH among pilot economies for new World Bank business report

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ARTA: PH among pilot economies for new World Bank business report

Addie Cuadra,

ABS-CBN News

Published Oct 29, 2024 12:05 AM PHT

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