By Ben Rosario
Senior officials of the House of Representatives on Thursday credited President Rodrigo Duterte for the country’s inclusion as among the top 50 percent nations in the world that are conducive for business investments.
House Majority Leader Martin Romualdez (Lakas-CMD, Leyte) and Rep. Joey Sarte Salceda (PDP-Laban, Albay) issued separate statements on the World Bank ease of doing business survey that saw Philippines jumping from the lowest 35 percent to the top 50 percent of countries with better investment climate.
Romualdez and Salceda, who is chairman of the House Committee on Ways and Means, agree that the notice given by the international community on the vast improvement of the Philippines;’ investment condition was expected.
The World Bank has revealed that the Philippines jumped 29 notches up from 124th to 95th in the ease of doing business survey. The country joined the top 50 percent among the 190 countries surveyed.
“Our country’s great leap in the World Bank ease of doing business survey is a big boost to our quest for more foreign and domestic investments. This signifies the business community’s confidence on the structural reforms being implemented by the Duterte administration to propel our economy to greater heights,” said Romualdez.
Romualdez said Congress was able to lay the “groundwork to make our economy more competitive”, citing the enactment of the Ease of Doing Business Law and the Anti-Red Tape Act.
“We, in Congress, also remain committed to the approval of other pending measures required to improve our credit ratings. With these reforms, we trust that our march to progress will be steady and swift,” said Romualdez.
Salceda said reforms introduced under the Duterte administration “are now gaining traction.”
He agreed with Romualdez in pointing out that the EODB Law and the Anti-Red Tape Act bolstered the Philippines’ bid to become among the preferred business investment havens in the world.
“The Philippine government is committed to harnessing a dynamic private sector through enabling public institutions,” noted Salceda, also vice chairman of the House Committee on Appropriations.
According to Salceda the Duterte government has set its sights at putting the Philippines in the top 20 percent of world economies in the World Bank’s Ease of Doing Business Report.
“But the biggest source of rigidity remains constitutional restrictions which compels many businesses desiring to do business in the Philippines to go through complex structuring to gain access to a fast growing and robust domestic market with one of most demographically dynamic population base,” said Salceda.
“We give the President due credit for his resolute determination to prepare a national business landscape that will enable growth for generations to come,” he added.
According to Salceda the House of Representatives will continue to make its legislative contributions to the achievement of the goal of putting Philippines in the map of top economies in the world.
“In the coming months, the House of Reforms will push forward with greater vigor and speed [widen the] scope [and] scale of reforms,” said the senior administration solon.