The Anti-Red Tape Authority (ARTA) on Tuesday urged the Department of Finance (DoF) to hasten the signing of the implementing rules and regulations (IRR) of Republic Act 11057, or the Personal Property Security Act (PPSA) of 2018, in a bid to make doing business in the country easier. In a statement, ARTA said the full implementation of this law could “possibly help us climb by 183 notches from Rank 184 to Rank 1” in the World Bank-International Finance Corp.’s Doing Business report. “This law would give small enterprises ready access to credit even those without a real property to be used as loan collateral,” it added, noting that this could help boost the country’s score in the Getting Credit indicator. In the 2019 report, the country slipped 11 notches to No. 124 out of 190 economies from No. 113 year ago.
