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PHILIPPINES - REGULATORY IMPACT ASSESSMENT (RIA) GUIDELINES
DRAFT – FOR DISCUSSION AND FINALISATION
The RIA system targets the development of regulations in accordance with regulatory best practice principles, and therefore improvement in the
quality of new regulations. The RIA system aims to deliver an improved regulatory environment for business that is characterised by:
1. more transparency, rigour, accountability and consistency in the development and application of regulations; and
2. a focus on minimising unnecessary and excessive regulation that diverts time and money away from more productive pursuits.
An improved regulatory environment will lower regulatory compliance costs (red tape) and foster more robust competition in the Philippines
economy, and provide confidence to the international community (eg., aid organisations and corporate investors) and the Philippines community
(eg., local businesses and investors) to participate and invest in the necessary economic and social reform of Philippines. This will benefit the
welfare of the Philippines people.
The establishment of a RIA Regime in the Philippines is being piloted by the Department of Finance, Department of Labour and Employment,
and Department of Tourism through support and funding by the Asian Development Bank under the Strengthening Institutions for an Improved
Investment Climate program.
2.2 Regulatory ‘Best Practice’ Principles, Process and Elements
Principles
Widely recognised ‘best practice’ principles in making good regulation are:
1. Establish clear reasons why Government needs to take action to address the problem
2. Examine the benefits and costs of a range of different policy options to address the problem including regulatory and non-regulatory
approaches
3. Adopt the policy option that provides the greatest net benefit to the community
4. Ensure that the regulation does not restrict competition unless the benefits from the restriction outweigh the costs or there is no other way
to achieve the policy objectives
5. Provide support and guidance to both regulators and parties required to comply with the regulation to ensure the policy objectives and
regulatory requirements are clearly understood and met
6. Review the regulation regularly to ensure it remains relevant and effective over time
7. Consult in a meaningful and effective way with key stakeholders at all stages during the development and review of the regulation
8. Ensure that the regulatory action by the Government is proportionate and effective to the significance of the problem being addressed.
Version 4.0 23 July 2012 DRAFT Page 5/24