President Rodrigo Duterte has approved the Department of Trade and Industry’s (DTI) proposed regulatory reforms to further improve the country’s business climate, Malacañang said.
Duterte gave his nod during the 44th meeting with his Cabinet at Malacañan Palace, Presidential Spokesperson Salvador Panelo said.
Panelo said the President approved the suggestions raised by Trade Secretary Ramon Lopez, upon learning that the Philippines is now one of the top 100 most competitive nations in the world for doing business.
“Trade and Industry Secretary Ramon Lopez reported the result of the Doing Business 2020 by the World Bank where the Philippines climbed 29 notches, ranking 95th from the previous 124th,” the Palace official said.
“Lopez asked concerned agencies to streamline and automate their processes. This was approved by the Chief Executive.”
“To further improve our rankings in the coming years, Secretary Lopez proposed to adopt the ease of doing business reforms, and asked concerned agencies to streamline and automate their processes. This was approved by the Chief Executive,” he added.
The World Bank’s Doing Business 2020 Report, which was released on October 24, revealed that the Philippines jumped 29 notches in the global rankings of the ease of doing business to 95th from 124th among 190 economies.
The World Bank also noted that the Philippines is one of the top three high jumpers among the economies covered by the study.
Panelo had attributed the country’s improved ranking in the World Bank’s 2020 ease of doing business report to the current administration’s “good governance.”
He had also encouraged the public to help the government to further boost its global standing by reporting acts of red tape or corruption in government.
“DTI’s target is to land in the 70th spot next year when it comes to being a competitive country.”
In a press conference recently, Lopez said the Duterte government should implement more reform initiatives, in an effort to achieve its target to land in the 70th spot next year when it comes to being a competitive country.
The trade chief expressed confidence that while many reforms require gestation, they will soon “bear fruit.”
The trade head also emphasized the need to strictly implement Republic Act (RA) 11032 or the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018,” which amends the Anti-Red Tape Act to promote ease of doing business in the country by cutting red tape in government agencies that delay the delivery of responsive services.
He also noted that his agency is giving priority to the Philippine business portal, online corporation registration system, unified reporting system for Social Security Agencies, property registration portal, and modern collateral registry.