MANILA – The Anti-Red Tape Authority (ARTA) has welcomed the Philippines’ 16th place finish in one of the three pillars in the Business Ready (B-Ready) report of the World Bank (WB) Group, making it to the second quintile among 50 economies.
“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 a statement Friday.
In addition to the strong domestic regulatory framework to ease doing business in the country, the Philippines performed well in labor conditions, international trade, and utility services.
The report noted that the government’s efforts to improve labor standards, digitize trade processes, and ensure transparency in utilities have been effective.
On the other hand, the country needs to improve in two other pillars – public services and operational efficiency, wherein the Philippines placed in the bottom and fourth quintile, respectively.
Among the growth areas for the country are business entry, location, market competition, and insolvency.
“ARTA is confident that the country’s ranking will continue to improve with the full implementation of the government’s efforts that are designed to enhance the delivery of government services,” the agency said.
ARTA added that it recognizes the need for a whole-of-nation approach for coordinated and harmonized alignment of relevant service delivery from the government to the stakeholders.
“With the leadership of our President Ferdinand R. Marcos Jr., ARTA is confident that our ongoing efforts will lead to positive results, with the 2024 B-Ready Report serving as an important baseline,” ARTA said. (PNA)
