Aiming to improve the country’s ranking the annual ‘Doing Business’ survey conducted by the World Bank, the government has been pursuing various policy reforms that will enhance the country’s business regulatory environment.
According to the Department of Trade and Industry Secretary Ramon Lopez, the government has already implemented 33 out of 43 reforms intended to improve the ease of doing business in the Philippines.
Among these reforms are the passage of several related laws such as the Republic Act No. 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018; Republic Act No. 11232, or the Revised Corporation Code of the Philippines; and the Republic Act No. 11057, or the Personal Property Security Act of 2018.
In the 2019 ‘Doing Business’ report, the Philippines ranked 124th out of 190 economies. In 2020, the country is targeting to be placed above 95th place.
In support of this initiative, the Quezon City government—the basis for the Philippines’ doing business rank—has signed several memoranda of understanding (MoU) with the Land Registration Authority (LRA). Metropolitan Waterworks and Sewerage System (MWSS), Manila Water Co., Inc, Maynilad Water Services, Inc, and Manila Electric Co (Meralco) to simplify registration and permits processing within the city.
Mayor Herbert Bautista of Quezon City said that the efforts to streamline the processes for construction permits will make it easier for the public to apply for new water connections and for the installation of electric poles.
Ease of doing business
The competitiveness of a country in terms of ease of doing business is based on ten indicators—starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting minority investors; paying taxes; trading across borders; enforcing contracts, and resolving insolvency.
Lopez, however, said that momentum of the reforms should continue beyond the conduct of the survey so that Filipinos could feel the improvements that it has brought.