Two House leaders on Thursday said the country’s improved rankings in the World Bank’s ease of doing business report is a testament to the rising business confidence in the reforms instituted by the administration of President Rodrigo Duterte.
In the just-released Doing Business Report, the Philippines improved by 29 notches, ranking 95th from the previous 124th out of 190 economies surveyed by the WB.
“This signifies the business community’s confidence in the structural reforms being implemented by the Duterte administration to propel our economy to greater heights,” House Majority Leader Martin Romualdez said in a statement.
The Leyte 1st District lawmaker said the country’s “great leap” in the worldwide rankings is also a big boost to the country’s quest for more foreign and domestic investments.
“The improvement will definitely lead to more investments, which translate to more jobs for our people. Hopefully, these jobs will not benefit only the urban areas, but also the rural communities in far-flung villages.,” Romualdez said.
Albay 2nd District Rep. Joey Salceda shared Romualdez’s sentiments.
“The numbers, taken with ratings of Filipino’s trust, appear to be a vote of confidence on our leaders, especially the President and Speaker Alan Peter Cayetano, who have been the most active in pursuing reforms,” he said in a separate statement.
The chair of the House Committee on Ways and Means said the improved WB ranking also showed that the reforms aimed at thrusting the country into a more competitive economy are now “surely and quickly” gaining traction.
“The Philippines’ significant improvement in the Ease of Doing Business rankings is the logical conclusion of the government’s efforts to create a business environment that truly encourages good business,” Salceda said.
“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. (PNA)