Toward an Effective Regulatory Management System: Philippines

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In the emerging ASEAN Economic Community, regulatory quality and coherence will be critical in stimulating investments and improving the overall business and investment climate. The different countries in the region are concerned not only with aligning and harmonizing regulatory frameworks, but also first and more fundamentally, with reducing regulatory burden, improving regulatory quality and coherence. To achieve these objectives, the literature suggests the establishment of an efficient and effective regulatory management system (RMS). An efficient and effective RMS will be a critical mechanism for "reducing the costs of doing business, facilitating international trade and investment, and improving regulatory outcomes in areas such as health, safety, and environmental protection." The paper examines the case for a regulatory management system for the Philippines and recommends specific measures for its establishment in Philippine policy space. It describes the overall experience of the country in regulatory reform, highlights the challenges in its journey toward regulatory quality and coherence, and identifies steps in constructing a responsive regulatory management system.