The government is committed to speeding up key economic reforms to further improve productivity in all sectors, the National Economic and Development Authority said Thursday.
Neda said the reforms would include the full implementation of the Ease of Doing Business Law, liberalization of foreign investments and promotion of innovation.
“From the very beginning, liberalizing the economy and promoting science, technology and innovation have always been part of President Rodrigo Roa Duterte’s 0 to 10-point socioeconomic agenda. We thank our partner World Bank for affirming that our development agenda is geared towards higher productivity,” Neda Undersecretary Rolando Tungpalan said in response to the report released by the World Bank titled ‘Growth and Productivity in the Philippines: Winning the Future’.
The World Bank recognized government efforts to reach the country’s long-term vision”•the AmBisyon 2040″•and helped identify critical reform areas to achieve development goals.
Tungpalan said the Philippines experienced gains with the economy’s total factor productivity growing 3 percent, now the highest in Southeast Asia.
