The ease of doing business in the Philippines is getting "a lot easier," according to the Anti-Red Tape Authority (ARTA), citing a recent report by the World Bank (WB).
In a statement, ARTA welcomed the Philippines' inclusion in the top 40% of the 50 economies assessed in the World Bank Group's (WBG) pilot Business Ready (B-READY) Report, identifying the country in the Second Quintile – a group of economies that exhibit strong performance but also show potential for improvement.
"The Philippines secured 16th place in the Regulatory Framework Pillar, underscoring the country's progress in fostering a more conducive business environment, reflecting the administration's success in establishing clear and effective rules and regulations that support business operations from start-up to closure," ARTA said.
In addition to its strong domestic regulatory framework, which makes doing business in the country easy, the Philippines performed well in labor conditions, international trade, and utility services.
The report highlighted significant advancements in improving labor conditions, digitalizing trade processes, and providing transparent utility services. Key areas identified for improvement include business entry, business location, market Competition, and business insolvency.
Meanwhile, ARTA acknowledged the need for further improvement in the other two pillars: public services and operational efficiency.
"ARTA is confident that the country's ranking will continue to improve with the full implementation of the government's efforts designed to enhance the delivery of government services. We recognize the need for a whole-of-nation approach that underscores the significance of coordinated and harmonized alignment of relevant service delivery from the government to the stakeholders," the agency added.
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