Regulatory compliance ecosystem

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ON October 2, 2020, I, as Dean of the University of the...

Regulatory compliance ecosystem

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Regulatory compliance ecosystem

Fourth  of a series With the changes in the...

Fifth of a series

Now that I am back in the academe as Dean of the University of the Philippines Virata School of Business (UP VSB), I can continue my crusade for improving the regulatory enforcement and compliance ecosystem in the Philippines. When I was appointed Dean of the UP Business School in October 2019, one of my plans in the “Looking in, Reaching out” agenda is promoting thought leadership and advocacies. Over time, I was able to focus, among others, on the government regulatory landscape. It is essential that UP VSB is able to mold and produce graduates that are able to render service to their various communities to bring out outcomes that will benefit the general public. Our business school has been in existence for over 100 years and has been training tens of thousands of students who have since then made their mark in industry and government. Presently, our alumni are placed prominently in the corporate world and in the government bureaucracy, with quite a great number of them in the highest of places. Thus, these UP trained leaders are in the best position to improve the regulatory ecosystem.

I have gained a lot of insights in my long career in both government, professional practice and private enterprise. In the past months, I was able to add to my learning and experience on the best practices and relevant developments in the area of business and public administration. I am fortunate to be in this vantage position as Dean of the UP Business school and student of the Doctoral program in public administration in the National College of Public Administration and Governance in UP. What I can say is that from my current perspective, I am very optimistic, if not excited, of the bright future for a transformed regulatory ecosystem where the government regulators and their clients and stakeholders will be harmoniously and efficiently co-existing.

I like to present some quick notes on the matter of molding the future government regulators and business owners and leaders who will be put to task in transforming the regulatory ecosystem. The students of today should be taught the key mindsets and competencies. Aside from the technical and academic courses of their chosen programs, the students should be imbued with the values of good governance, ethics, innovation, collaboration, corporate responsibility, consciousness of one’s rights and remedies.

The teachers and students should also refocus on how certain business courses are learned. There should be more emphasis on an integrated manner of piecing together the various lessons and elements of engaging in profitable but ethical business and dealing with the government regulatory authorities and the rules and procedures that are essential in doing business in the Philippines. What should be taught and learned are not only the Whys and Whats of business, but equally, if not more important, the practical and essential way of reaching win-win outcomes for the business persons dealing with the government regulators.

I am very confident of the good developments forthcoming in the business-government regulatory ecosystem. I am sure that a finished product will be attained with the right ingredients of appropriate training of the stakeholders entering the ecosystem, the retooling and resetting of mindsets of the leaders who are now encroached in the system, the use of technology in overhauling the antiquated and inefficient regulatory processes and the promulgation of finely-tuned legislation.

Are you one with me on my optimism?

To be continued

Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to [email protected]

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