To familiarize everyone with key socioeconomic terms and concepts, we are launching this new social media series.
Our buzzword for this week is “ease of doing business”.
It refers to reduction of delays in rigid bureaucratic processes (called ‘red tape’) so that transactions with the government are faster. (Source: Anti-Red Tape Authority)
The term is commonly used to describe efficient processing time so that entrepreneurs and companies are encouraged to do business in the country.
The Philippines has an Ease of Doing Business Law* intended to support micro, small, and medium enterprises (MSMEs) by mandating all local government units (LGUs) to use a unified business application form for the issuance of business permits. The law also requires LGUs to establish one-stop shops that provide services such as certification, licensing, capability training, and production and marketing support.
Know more about government support for MSMEs by reading “Impact of Government Incentive on MSME Innovation” available at https://pids.gov.ph/publication/discussion-papers/impact-of-government-incentive-on-msme-innovation
* Fully called Ease of Doing Business and Efficient Government Service Delivery Act of 2018 or Republic Act 11032
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