MANILA, Philippines - The state think tank is urging the government to adopt a regulatory management system (RMS) to establish a more competitive and coherent regulatory environment.
The Philippine Institute for Development Studies (PIDS) said the RMS is an essential strategic tool for sustainable and inclusive growth.
The PIDS is the research arm of the National Economic and Development Authority (NEDA).
PIDS president Gilberto Llanto said regulations are designed to achieve a social or economic objective, usually on the premise of promoting and safeguarding public interest and welfare.
He said in an environment where regulations are poorly designed or weakly implemented, regulatory burdens mount up. Business competitiveness is discouraged, services suffer, corruption festers, and public faith in governance drops.
"It is, therefore, important for policymakers and regulators to work together to create effective and quality regulation, and reduce regulatory burdens wherever they arise. In this case, establishing an RMS can help,” Llanto said in a recent press presentation.
As an example, the PIDS president explained the Malaysian version and highlighted the existence of a central oversight body. The Malaysia Productivity Corp. conducts regulatory impact assessment (RIA) of proposed regulations to determine if they are effective, before releasing a regulatory impact statement (RIS) for the public and stakeholders.
Llanto said the process may seem bureaucratic, but evidence shows in the long term, proper planning and review produce a more effective regulatory environment.//
