00:00The RTA and World Bank held a forum to speed up the economy's growth and to lower the poverty rate in the Philippines.
00:07Christian Bascona is in the report.
00:12It's faster now because there are digital permits.
00:21Compared to the past when there were no digital permits, it's harder to get business permits.
00:28That's what the businessmen noticed in obtaining business permits and requirements.
00:33That's the result of the program of the administration of President Ferdinand Marcos Jr.
00:37in passing the Republic Act 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
00:46According to the Anti-Red Tape Authority, the law can be applied to business investors.
00:52These scores show regulatory framework excellence
00:58attributing to the government's ongoing Ease of Doing Business initiatives and digitalization efforts
01:06which have streamlined regulatory processes, enhanced transparency, and reduced bureaucratic inefficiency.
01:16To further strengthen the economy's growth and to lower the country's poverty rate,
01:23the RTA and World Bank Group held a forum discussing the Be Ready or Business Ready Environment.
01:30Its aim is to provide a solution to the problems faced by businesses in the country.
01:36According to the World Bank, the country's labor capability does not correspond to the lack of employment opportunities.
01:44Because of the lack of employment opportunities,
01:47it is one of the main reasons behind the long process of obtaining business permits.
01:54The analytical framework Be Ready was also discussed.
01:59It is one of the lessons learned from the efforts of various industries in the Philippines.
02:04Business Ready has this short name, Be Ready,
02:10which of course, as you can tell, is a call for action.
02:14Because this is exactly what is needed.
02:17A call for action from the private sector and also from the government.
02:23According to the World Bank, the Ease of Doing Business is effective to reduce the country's poverty rate.
02:30The labor sector has given 12 million jobs.
02:36Over the past decade, the Philippines has made significant progress in improving the business environment.
02:43The passage of the Ease of Doing Business Act and the establishment of the Anti-Red Tape Authority
02:51are key milestones in this journey.
02:54Since 2010, the country has generated nearly 12 million additional jobs.
03:05PHILIPPINASA
