Wazzup Pilipinas!?
The Philippines is at a pivotal juncture in its economic development. With a burgeoning entrepreneurial spirit and a commitment to reform, the nation has made significant strides in enhancing its business environment. However, challenges persist, particularly in streamlining government processes and improving public service efficiency. To address these issues, the Anti-Red Tape Authority (ARTA) and the World Bank Group (WBG) are convening a forum to delve into the findings of the World Bank’s Business Ready (B-READY) Report and chart a course for future improvements.
Understanding the Business Ready (B-READY) Report
The B-READY Report is the World Bank’s latest global benchmarking initiative, assessing the business environment across ten critical areas of a business's lifecycle, including:
Business Location: Accessibility and ease of setting up operations.
Financial Services: Availability and accessibility of credit and financial tools.
Taxation: Transparency and simplicity of tax policies.
International Trade: Ease of cross-border business transactions.
Market Competition: Competitiveness of industries.
Business Insolvency: Policies for handling business closures and recoveries.
The report evaluates over 1,200 indicators to provide a comprehensive and data-driven perspective on how well economies support businesses. Its primary goals are to advocate for policy reforms, guide policy advice, and provide data for research, all contributing to the World Bank Group's objectives of poverty reduction and shared prosperity.
The Philippines' Standing in the B-READY Report
In the inaugural B-READY Report released in October 2024, the Philippines ranked 16th among the 50 economies assessed, placing it in the top 40%. This ranking reflects the country's strong regulatory framework and progress in fostering a more conducive business environment. The report highlighted significant advancements in areas such as labor conditions, digitalizing trade processes, and providing transparent utility services. However, it also identified areas needing improvement, including business entry, business location, market competition, and business insolvency.
ARTA Secretary Ernesto V. Perez emphasized the importance of a whole-of-government approach to address these challenges. He urged government agencies to actively participate in the B-READY 2025 data collection questionnaire, stating, "Our President has mandated a more proactive approach to improving the ease of doing business; without everyone’s cooperation in answering the WBG’s B-READY questionnaire, we cannot truly identify how we can improve in the next few years."
Aiming for the Top 20%
Building on these efforts, the Philippines has set an ambitious goal to rank within the top 20% of the countries evaluated in the B-READY report by 2026. Secretary Perez expressed confidence in achieving this target, citing ongoing reforms and initiatives aimed at streamlining and digitalizing government services. He noted, "We’re pretty confident, because all of those reforms, initiatives are already laid down. They only need to be fully implemented with the support of the private sector and all agencies involved."
The Path Forward
The upcoming ARTA-World Bank Forum represents a significant step in the Philippines' journey toward a more business-friendly environment. By addressing the challenges identified in the B-READY report and leveraging the collective insights of stakeholders, the country is poised to enhance its economic landscape, fostering growth, investment, and innovation.
As the Philippines strives to climb higher in the B-READY rankings, the collaborative efforts of government agencies, the private sector, and international partners will be crucial in realizing this vision.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
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