The chair of the House of Representatives’ labor and employment committee on Thursday emphasized the need for the country to be business-ready to create more jobs for Filipinos.
“A business-ready climate will attract both the foreign and local private sector to set up shop in the country, thus generating jobs for our people and spurring the economy,” Rizal 4th District Rep. Fidel Nograles said.
The Philippines ranked 16th out of 50 economies in the inaugural World Bank B-READY report released earlier this month.
Thus, both the national and local government should prioritize addressing issues that hamper the ease of doing business, Nograles added.
Nograles’ comments came on the heels of the Anti-Red Tape Authority’s statement that the Philippines aspires to be included among the top 20 percent of the countries assessed by the World Bank for its Business Ready (B-READY) report by 2026.
Nograles expressed his support for ARTA’s target.
“This is a noble objective that will have life-changing consequences for many Filipino families. This is why I really hope that the whole nation rallies behind this goal and work hard towards attaining it,” the lawmaker said.
The B-READY report assesses the business and investment climate by considering three pillars: regulatory framework, public services, and operation efficiency.
The Philippines ranked 16th out of 50 economies in the inaugural World Bank B-READY report released earlier this month, 16th out of 50 economies, placing it among the top 40 percent of economies, in regulatory framework with 70.68 points.
The country meanwhile ranked 24th in public services and 36th in operational efficiency.
The solon underlined the need to properly implement the Ease of Doing Business Act, particularly in digitalizing operations to avoid bureaucratic red tape.
“We have to achieve full compliance for all local government units in areas such as the required electronic one-stop shop to expedite the processing of business permits, among other things,” said Nograles.
