PH among 50 countries in World Bank’s Business Ready Report
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NewsTranscript
00:00Government's continued efforts to improve the ease of doing business, cutting red tape and streamlining operations
00:07have not been lost in the watchful eyes of international financial institutions and credit rating agencies.
00:14Strong regulatory efforts have positioned the government for better chances and success
00:20with only better execution or follow-through needed to predicate such frameworks.
00:26IBC's Quenzel Bocopo has more on this motivating international development that screams good business practices in the country.
00:36As the government implements economic reforms to attract even more foreign investors from all around the globe,
00:43the Philippines was chosen to be part of the 50 countries in the World Bank recently launched Business Ready Report 2024.
00:51Based on the report, the Philippines is the only lower-middle-income economy among top 20 countries
00:58that adapts strong regulatory framework in boosting its business climate.
01:03The report also shows that the Philippines is among countries having mix of strength and weaknesses
01:09when it comes to public services that affect its business environment.
01:13Lastly, the Philippines ranks 36th when it comes to operational efficiency.
01:19During its ease of doing business convention, the anti-red tape authority says this is good news for us.
01:49ARTA was also quick to emphasize that measures are already in place for more improved Philippine economy.
02:19Recall that a whole-of-government approach has also been crafted under the Philippine Development Plan 2023-2028 for unenvisioned bagong Pilipinas.
02:35With the government's continuing efforts in boosting the Philippine economy,
02:39the anti-red tape authority is confident that the country would achieve a better standing
02:44or even at the World Bank Group's Top 20 Economies by 2026.
02:50From IBC 13, Quenzel Bocobo for Balitang Pambansa.