MANILA, Philippines – Doing business in the Philippines became much easier relative to the rest of the world this year. There has been significant progress in the areas of protecting minority investors and dealing with construction permits.
Rebounding from its drop last year, the Philippines has climbed 4 notches to 99th place from 103rd out of 190 economies in the 2017 World Bank-International Finance Corporation Doing Business Report.
The Philippines has gained 49 spots in the Doing Business report since 2011.
The country improved in 4 of 10 indicators used in the survey, with the biggest jump in protecting minority investors (up by 18 points) and dealing with construction permits (up by 14 points).
Gains were also seen in paying taxes (up by 11 points), and enforcing contracts (up by 4 points). (READ: PH slips 10 notches in 2016 WEF Global Competitiveness)
“Among the reforms introduced this year in the Philippines were the extent of corporate transparency index, increasing the transparency of building regulations, and the introduction of an online system for filing and paying health contributions,” the multilateral lender said in a statement on Wednesday, October 26.
Getting credit in the Philippines, however, dropped 9 notches in the latest Doing Business survey.
Slight declines were also registered in starting a business (down 6 points), getting electricity (down 3 points), and resolving insolvency (down 3 points).
World Bank also noted that the Philippines did not improve in two indicators: registering property (112th) and trading across borders (95th).
Other than the Philippines, 4 other Association of Southeast Asian Nations (ASEAN) members – Indonesia, Brunei, Vietnam, and Thailand – received upgrades in the latest World Bank survey.
Data for the report were collected between February and May 2016 with the data cut-off date set at May 31, 2016, using Quezon City to represent the Philippines.
The Ease of Doing Business Report is the 14th in a series of annual reports reviewing the regulations that enhance business activity and those that constrain it. – Rappler.com
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