Makati Skyline showing Alphaland Makati Place along Ayala Extension, Makati City.
MANILA, Philippines — The Management Association of the Philippines (MAP) on Tuesday called for continued efforts from the government to establish greater “ease in doing business,” saying this was needed to complement the progress cited by President Marcos’ administration over the past year.
In a post-State of the Nation Address economic briefing held at the Philippine International Convention Center in Pasay City, MAP president Benedicta Du-Baladad said ease of doing business was the top concern among their members, based on a survey in November 2022.
“And if you investigate deeper, they are concerned about ease of doing business at the local (government) level,” Baladad said.
Considering this, she said MAP is drawing up a memorandum of understanding with the Anti-Red Tape Authority (Arta) and the Department of the Interior and Local Government to make sure that such concerns are addressed.
“We see that Arta has ongoing efforts that involve digitalization, which has a positive impact on ease of doing business,” she said.
Teresity Sy-Coson, vice chair of SM Investments Corp., said there could be more projects in progress if the national and local governments could collaborate more with the private sector.
“If we can make the regulations of the government simple and easier for anybody who is interested to invest in the Philippines, that would be a big plus,” Sy-Coson said.
“The Philippines is always a country with a lot of potential except that we usually have difficulty communicating what our requirements are, and even for us [local investors] sometimes we don’t know the requirements,” she said.
“So it would be good if we make it very clear so it’s easier for investors — whether domestic or foreign — to come in.”
‘Business Ready’ metrics
In a related development, the World Bank recently launched its “Business Ready” project, replacing the Doing Business project which assessed economies around the world in terms of hosting enterprises.
The multilateral lender touts the new projects as a key instrument of its new strategy to facilitate private investment, generate employment, and improve productivity to help countries accelerate development in inclusive and sustainable ways.
The World Bank said it has begun assessment of the business and investment climate in 180 economies across the globe, using Business Ready metrics that reflect “a more balanced and transparent approach.” The first annual yearly Business Ready report is slated for release in 2024, covering an initial batch of 54 economies.
Business Ready focuses on 10 topics covering the life cycle of a firm in the course of starting, operating, or closing or reorganizing its activities.
Such topics include business entry, business location, utility services, labor, financial services, international trade, taxation, dispute resolution, market competition, and business insolvency.