The Anti-Red Tape Authority (ARTA) is seeking the cooperation of government agencies to help improve the country’s international competitiveness ranking by hastening efforts to promote ease of doing business.
In particular, the Department of Finance has been asked to hasten the completion of the Implementing Rules and Regulations of R.A. 11057 or the Personal Property Security Act of 2018.
“We commend and thank the Department of Finance in particular for actively supporting and helping in our Getting Credit reforms. Nonetheless, ARTA strongly urges DOF to expedite the signing of the Implementing Rules and Regulations of R.A. 11057 or the Personal Property Security Act of 2018,” the ARTA said in a statement.
The law, signed by the President last year, allows the use of personal properties or movable assets as collateral for small enterprises. ARTA also urged other government agencies “to fast-track its initiatives and to fulfill their respective roles” in implementing reforms for getting credit.
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