NEDA: New pro-business law to help boost exports
Trade will improve once the business environment turns friendlier than ever.
The National Economic and Development Authority (NEDA) remains optimistic that exports will eventually improve despite a four-month streak of declines, as they find a glimmer of hope from a new law signed by President Rodrigo Duterte.
Exports dropped by 8.5 percent in April, according to latest data.
“The current turnout of imports is encouraging. But much has to be done to create an environment that is necessary for exporters to thrive. The signing into law of the Ease of Doing Business Act of 2018 is a step in the right direction,” Socioeconomic Planning Secretary Ernesto Pernia said.
The new law is seen to help reduce business costs, encourage wider participation among firms, and attract foreign investors by simplifying permit procedures.
“Enhancing trade relations with the country’s non-traditional partners would also contribute highly to the growth of the exports sector,” Pernia added.
Will this pave the way for better gains?