The Philippines needs effective regulations to boost its competitiveness and seize the opportunities through the impending integration of the Association of Southeast Asian Nations (Asean) member-states, a policy paper issued by respected think tank Philippine Institute for Development Studies (PIDS) said.
An economic policy monitor titled "Effective Regulations for Sustainable Growth” from PIDS obtained by The Daily Tribune noted that regulatory burdens are one of the factors that continue to bring down the Philippines’ competitiveness and weaken the efforts toward greater inclusiveness.
"They restrain competition, innovation and productivity, which can snowball into causing a drop in business confidence, neglect of general welfare, build-up of corruption, and, ultimately, loss of public faith in governance,” it said.
The paper stressed that reducing regulatory burdens is important economically, socially and politically.
"Moreover, improving regulatory quality and coherence is imperative for the country to take advantage of increased trade and investment under Asean integration’s gains that the country needs to achieve sustainable and inclusive growth,” it added.
The PIDS discussed the significance of ensuring that the environment is equipped with the necessary infrastructure to encourage both investors and innovators.
"Since long-term growth is a function of productivity, it is also imperative to sustain investments in infrastructure, connectivity and human capital,” the paper added.//
