The Philippines ranked among the top 40 percent of 50 countries assessed by the World Bank for its inaugural Business Ready (B-READY) report.
The Anti-Red Tape Authority (ARTA) welcomed the Philippines’ inclusion in the top 40 percent or second quantile of the 50 economies included in the report.
B-READY is a new World Bank Group corporate flagship report that evaluates the business and investment climate worldwide. It replaced and improved upon the Doing Business project. The report examined three major pillars: regulatory framework, public services and operational efficiency.
The Philippines achieved a score of 70.68 in regulatory framework at 16th place; 50.80 in public services at 24th place; and 57.95 in operational efficiency at 36th place.
Achieving a second quintile ranking, the Philippines demonstrates strong performance with potential for further advancement, according to ARTA.
It said the country’s impressive 16th place in the regulatory framework pillar highlights its progress in fostering a business-friendly environment.
The achievement underscores the Marcos administration’s success in establishing clear and effective regulations that streamline business operations throughout their lifecycle, it said.
While celebrating the feat, ARTA acknowledged the need to elevate performance in public services and operational efficiency.
The report identifies key areas for improvement, including business entry, business location, market competition and business insolvency for the Philippines.
ARTA said it is committed to addressing these challenges through ongoing initiatives aimed at enhancing government service delivery.
Meanwhile, it said the Philippines’ strong performance in labor, international trade and utility services reflect significant strides in improving labor conditions, digitalizing trade processes and ensuring transparent utility services.
ARTA director-general Ernesto Perez emphasized the importance of a whole-of-nation approach to drive further progress.
“We recognize the need for coordinated and harmonized efforts across all levels of government to ensure efficient and effective service delivery to our stakeholders,” he said.
He said while 2024 B-READY Report may not fully reflect the impact of recent government initiatives, ARTA remains optimistic about continued improvements in the country’s business environment.
