The SEC plays an indispensable role in making the country safe for business and protecting our citizens from unscrupulous racketeers.

A higher global ranking for the Philippines under the Ease of Doing Business (EODB) requires more reforms, Finance Secretary Carlos Dominguez III said on Thursday.

“We cannot rest on our laurels. There is much work to be done for the country to rank at the top ranks. This is indispensable for attracting investments to the economy and building inclusive development for our people,” Dominguez said of the Philippines and of peer economies “trying hard to adopt best practices in making business easier and improving corporate governance.”

He emphasized that the Securities and Exchange Commission (SEC) plays a major role in strengthening the country’s EODB standing.

“The SEC plays an indispensable role in making the country safe for business and protecting our citizens from unscrupulous racketeers. The Commission is not just a regulator of enterprises, but also an enabler of the enterprising,” he said.

While at it, Dominguez expressed confidence that despite the challenges, the agency will be able to deliver on its mandate.

“There is much more to be done to prepare our economy and the business environment for the many challenges of the Fourth Industrial Revolution,” Dominguez said in reference to remarkable advances in human development enabled by advances in technology.

“I am confident that the men and women who devote their talent to help the SEC fulfill its mission will continue delivering the reforms we urgently need,” he added.

The World Bank earlier reported the country’s global EODB ranking at 95, higher by 29 notches compared to last year.