MANILA, Philippines — For several decades now, the country had been struggling to rise from a negative image in several critical economic aspects, one of which is competitiveness. The good news is that last year, it climbed 10 notches to become No. 75 in the World Economic Forum’s (WEF) Global Competitiveness report. Its ability to streamline its business registration processes explains the rise.
According to the National Competitiveness Council (NCC), from what initially took several days, the waiting time for registration of business permits is now shortened to only 30 minutes. The agencies that have managed to comply with this standard include the Department of Trade and Industry, the Bureau of Internal Revenue, the Social Security System, the Home Development Mutual Fund, the Philippine Health Insurance Corporation, and the Securities Exchange Commission. Besides the registration process, the newly established Philippine Business Registry system has also been able to curb corruption and eliminate red tape. There has been discernible improvement in the national savings rate, low interest rate, a lower debt-to-GDP ratio, and our ability to manage inflation. Furthermore, the country received four credit ratings upgrade in just a year of the “matuwid na daan” administration
Categories: Asia, Philippines