Finance Secretary Carlos Dominguez III said more reforms are needed for the Philippines to join the top ranks of countries identified by the World Bank as the best places to do business.
Dominguez said these reforms would be crucial to attracting more investments, creating jobs and attaining financial inclusion for the Filipino people.
He said the Securities and Exchange Commission played a key role in dramatically improving the Philippines’ ranking by 29 notches to 95th in the latest Ease of Doing Business global report released by the World Bank.
Dominguez commended the SEC for carrying out reforms to enhance the local business climate and bust investment scams, but added “there is much more to be done” for the government to achieve inclusive growth and suit up Filipinos for the Fourth Industrial Revolution.
FIRE refers to the emerging era of disruptive trends and technologies that have been changing the way people live and work today.
He said that aside from helping improve the EODB environment in the country, the SEC also became a member of the prestigious International Forum of Independent Audit Regulators which would give it and Filipino professionals the opportunity to work with and learn from their international counterparts.
The SEC was also awarded the International Standards of Accounting and Reporting Honors by the United Nations Conference on Trade and Development which recognized the regulator’s exemplary work in the promotion of good corporate governance and sustainable business practices. Julito G. Rada
“There is much work to be done for the country to rank at the top ranks for ease of doing business. This is indispensable for attracting investments into our economy and building inclusive development for our people,” Dominguez said in speech read for him by Finance Undersecretary and chief economist Gil Beltran during the SEC’s anniversary celebration.
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