MANILA, Philippines - The government will work hard to further improve the ease of doing business in the Philippines after a recent global rankings by Forbes showed the country, while ahead of China and India in this area, still lagged behind its close neighbors.
The Philippines placed 87th best place to do business in the world in the 2012 Forbes “Best Countries for Business” list – retaining its spot in the rankings of 130 countries worldwide.
The country beat China and India, which ranked 96th and 97th, respectively, but was far behind some of its Southeast Asian peers. Malaysia placed 31st, followed by Thailand (67th) and Indonesia (76th).
“[We're] satisfied [with the ranking] for the time being. But, moving forward, we hope to see improvement,” said Deputy Presidential spokesperson Abigail Valte.
Valte said the Philippines “managed to gain a good bit of ground in some of the indicators,” but in others, “we've gone down.” Those indicators will be the focus of improvement in the coming year, she added.
“We're trying to look at everything that contributes to the ranking.”
Out of 11 factors the Forbes list took into consideration, the Philippines saw decline in rankings in 5.
These included tax burden, trade freedom, red tape, corruption, and personal freedom. The country suffered the biggest drop of 21 places in the tax burden indicator to 110th.
Factors where the Philippines performed better were monetary freedom, innovation, investor protection, market performance, property rights and technology.
Valte said the Palace was particularly pleased that the Philippines improved in investor protection as “it is one of the things that concern the President when it comes to doing business in the country.”
“We've always said that the President has always been pushing that we level the playing fields when it comes to not just foreign investors, but domestic investors as well.” - Rappler.com