Senator Koko Pimentel III lauded the recent signing and promulgation of the Implementing Rules and Regulations (IRR) of the ‘Ease of Doing Business Law’ (Republic Act 11032).
The law introduces reforms to ensure competitiveness by doing away with unnecessary delays in government service which are opportunities for corruption.
The law was passed under the leadership of Pimentel as Senate President.
“This will surely alleviate the hardships and hurdles of our local entrepreneurs as well as foreign investors.”
“The signing of the IRR will ensure implementation of the Ease of Doing Business Law and will surely alleviate the hardships and hurdles that cause many of our local entrepreneurs as well as foreign investors to delay, if not avoid, entering into business in our country,” the veteran legislator emphasized.
The seasoned lawmaker further states: “This comes at a very opportune time when our long-term foreign-currency issuer default Fitch credit rating is at “BBB” — a notch above minimum investment grade. Such a credit rating will surely attract foreign investment and will be reinforced by our efforts to eliminate red tape in government.”
“We have taken the next step in making our country more competitive.”
“We have thus taken the next step in making our country more competitive and making the atmosphere conducive to bringing more business into the country” the senator said.
“May I remind everyone that the Ease of Doing Business law applies to all government agencies, especially local government units. Any violation of this Act may merit administrative sanctions, fines, and even imprisonment,” he stressed.