The Anti-Red Tape Authority conducted a forum entitled “New Insights on the Philippine Business Environment: Exploring the World Bank’s Business Ready Report” to discuss the Business Ready (B-READY) Report, which assessed how prepared the country is in expanding business-friendly programs and policies. The event is in collaboration with the World Bank and attended by key government agencies, various businesses, and academic leaders to explore how the country can enhance the ease of doing business.
World Bank Director Norman Loayza shared the results of the B-READY report. In his presentation, the labor sector of the Philippines ranked among the top 20% of economies worldwide. Additionally, he highlighted the need for improvement in Business Entry as the country falls within the bottom 20% of economies in this aspect.
ARTA Secretary Ernesto V. Perez ensured the government’s commitment to ease of doing business and fostering a competitive business climate through collaborative efforts with international institutions for the Philippines to remain an attractive destination for investors through our regulatory reforms.
Reactors from the different sectors shared their insights and perspective to the B-READY results. Quezon City Mayor Joy Belmonte highlighted the City’s best practices and programs in becoming the most business-friendly local government unit in the National Capital Region. Dr. Roberto Galang of the John Gokongwei School of Management at Ateneo de Manila University emphasized that governance systems must adapt to the rapid digitalization of the economy. He highlighted the need for both the government and the private sector to leverage digital technologies, particularly digital public infrastructure, to foster innovation and improve the delivery of public services. Moreover, he stressed the vital role of the academe in equipping individuals with the skills necessary to enhance governance and drive successful digital transformation.
The open forum was focused on the challenges and opportunities in improving the Philippines’ climate through regulatory reforms. This was joined by the speakers and reactors from the private sector represented by the Philippine Chamber of Commerce and Industry (PCCI), the Management Association of the Philippines (MAP), the Local Government Unit (LGU) represented by Quezon City, and from the academe, the Ateneo de Manila University.
The event wrapped up calling all stakeholders to collaborate in improving the Philippine business environment, making it more efficient, competitive, and attractive to investors. PLM