‘More reforms needed to improve ease of doing business’

MANILA, Philippines — The Department of Finance (DOF) has underscored the need to implement more reforms to further improve ease of doing business in the country.

Finance Secretary Carlos Dominguez said improving the Philippines’ ranking in the World Bank’s Ease of Doing Business (EODB) index is crucial in attracting more investments, creating jobs and attaining financial inclusion for Filipinos.

He cited the Securities and Exchange Commission (SEC), which he said, played a key role in raising the Philippines’ ranking by 29 notches to 95th in the latest EODB global report of the World Bank.

Dominguez commended the SEC for carrying out reforms to enhance the local business climate and bust investment scams, but said there is more to be done for the government to achieve inclusive growth and gear up Filipinos for the Fourth Industrial Revolution.

“We cannot rest on our laurels. 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.

He said the SEC is not just a regulatory body which aims to protect businesses and Filipino consumers, but also a frontline institution in boosting the Philippines’ competitiveness.

Dominguez said the regulator delivered on several areas of concern over the past three years, including the formulation of policies and procedures that are hospitable to start-ups; enforcement efforts against investment scams, insider trading and money laundering; streamlining of procedures and adoption of information technology and the development of the Credit Information Corp. database to provide small businesses better access to financial services.

He lauded the SEC for the enactment of the Revised Corporation Code, a landmark legislation that provides a new legal framework for the Philippine corporate sector and a stronger mandate for the SEC.

Dominguez also noted that the SEC became a member of the International Forum of Independent Audit Regulators, which will give the agency 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 (UNCTAD), which recognized the regulator’s exemplary work in the promotion of good corporate governance and sustainable business practices.

On its intensified campaign against scams, the SEC also delivered results, including the filing of criminal complaints against Kapa-Community Ministry International (KAPA), the revocation of the registration of Organico Agribusiness Ventures Corp. and the delisting of agri-business firm Calata Corp.

“There is much more to be done to prepare our economy and business environment for the many challenges of the Fourth Industrial Revolution. I am confident that the men and women who devote their talents to help the SEC fulfill its mission will continue delivering the reforms we urgently need,” Dominguez said.