ARTA, World Bank launches forum on business-ready environment

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Transcript

00:00The adage that time lends itself to real-life investors getting mired and stuck in the transactional

00:06phase of setting up shop in the country and then ultimately taking their business elsewhere.

00:12Fast forward to the Marcos Jr. administration, which has substantially cut transaction time

00:17for investors seeking to put and grow their money here while creating hundreds,

00:22if not thousands, of jobs at the same time. Our Christian Bascones has more.

00:30Business owners express relief and satisfaction with the much faster

00:34process of securing permits and other business requirements nowadays.

00:38So now, it's faster because there are digital permits.

00:46Compared to the past, it's harder to get business permits.

00:54It's not a hassle because the process is fast.

00:59Accordingly, this is the result of the successful implementation of the programs.

01:03Under the administration of President Ferdinand Marcos Jr., more specifically,

01:07Republic Act 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of

01:142018, the Anti-Red Tape Authority said it will also encourage and attract more foreign business

01:20investors to come and invest in the country. These scores show regulatory framework excellence

01:29attributing to the government's ongoing ease of doing business initiatives and digitalization

01:36efforts, which have streamlined regulatory processes, enhanced transparency, and reduced

01:45bureaucratic inefficiency. To fortify investments, to speed up economic

01:50growth and decrease poverty rate in the country, in partnership with the World Bank Group,

01:55a forum was launched by the ARTA to discuss the Be Ready or Business Ready environment

02:01that aims to solve economic problems, particularly with regard to businesses in the country.

02:06Statistics from the World Bank shows that the Philippines has a large labor capability,

02:11but less employment opportunities because of lack of investments.

02:15One of the main reasons for the country having a hard time to encourage business owners

02:19to invest in the country and to fill out the lack of opportunities is the long process

02:23of securing permits. The 10 main cores of the framework are the strategies on how to

02:28attract investors, location, utility services, labor, financial services, international trade,

02:35taxation, dispute resolution, competition, and innovation.

02:40The director of Global Indicators Group of World Bank Group, Mr. Norman Loaiza,

02:45said that the implementation of the ease of doing business in the country has become more

02:48effective with the efforts of the current administration.

03:10In 2012, the country generated or managed to create over 12 million job opportunities as

03:16revealed by Dr. Dandan Chen, Operations Manager for the Philippines, Malaysia,

03:22and Brunei World Bank Group.

03:24Over the past decade, the Philippines has made significant progress in improving the

03:30business environment. The passage of the Ease of Doing Business Act and the establishment

03:37of the Anti-Red Tape Authority are key milestones in this journey.

03:42Since 2010, the country has generated nearly 12 million additional jobs.

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