An inter-agency task force has been formed to improve the ease of doing business in the country after President Benigno Aquino III signed Administrative Order No. 38.

In a statement, Malacañang said the Task Force on Ease of Doing Business will be led by Trade Secretary Gregory L. Domingo and will push for an action plan drafted by the National Competitiveness Council (NCC) in hopes of raising the country's rank in the World Bank's annual Doing Business survey.

Other members of the task force will include representatives from the NCC; the departments of Finance, Interior and Local Government, and Justice; bureaus of Internal Revenue, and Customs; Land Registration Authority; Credit Information Corp.; Securities and Exchange Commission; Social Security System; Home Development Mutual Fund; and the Philippine Health Insurance Corp.

In the latest Doing Business report released in October, the Philippines ranked 138 out of 185 countries, down by 2 notches from its 136 ranking in the previous year. The report noted that starting a business in the Philippines takes 16 procedures over an average of 36 days.

Malacañang said the task force will work on reforms in various government agencies in line with the indicators tracked by the Doing Business survey. The survey tracks business regulations on the following: starting businesses; dealing with construction permits; getting electricity; registering property; getting credit; protecting investors; paying taxes; trading across borders; enforcing contracts; and resolving insolvency.

The task force will recommend to Aquino measures improving the ease of doing business in the country, and will submit a report to the Office of the President through the Economic Development Cluster 60 days from the issuance of the AO and every six months thereafter.

Funds that will be needed by the task force will be sourced from the budgets of member-agencies.

AO 38 takes effect immediately.

Original source: www.abs-cbnnews.com