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PH moves up in ease of doing business

October 25, 2019

The Philippines’ ranking in the World Bank’s ease of doing business improved by 29 points, rising to 95th from last year’s 124th spot.

The 2020 Doing Business report released on Thursday showed the country’s ease of doing business score was 62.8 (with zero as the lowest and 100 the highest). The World Bank rated 190 economies.

Based in Washington D.C., the World Bank ranked the Philippines with 29-point improvement from the 124th spot up to the 95th in its ease of doing business report. PHOTO COURTESY OF WIKIPEDIA

The 10 areas measured in the report are starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

Across all indicators, the country obtained its highest ranking in getting electricity (32nd), getting insolvency (65th), protecting minority investors (72nd), dealing with construction permits (85th) and paying taxes (95th).

The Philippines, however, ranked low in other indicators such as trading across borders (113th), registering property (120th) and enforcing contracts (152nd).

For this year, the country’s worst ranking was in starting a business (171st), down from last year’s 166th place.

The World Bank cited the Philippines as one of the 42 economies that improved the most across three or more doing business topics in.

“With three reforms in the past year, the Philippines continued its reform momentum,” it said.

The bank added that the Philippines made starting a business easier by abolishing the minimum capital requirement for domestic companies.

The country also made the issuance of construction permits easier by improving coordination and streamlining the process for obtaining an occupancy certificate.

“The Philippines strengthened minority investor protections by requiring greater disclosure of transactions with interested parties and enhancing director liability for transaction with interested parties,” the World Bank said.

Trade Secretary Ramon Lopez said the Philippines was one of the top 3 “high jumpers” among the 190 economies covered by the World Bank report.

“In terms of [improvement in ranking] the Philippines was the third-highest, next only to Togo (+40) and Saudi Arabia (+30). We shared the same spot with Jordan, which also increased by +29 notches,” Lopez added.

“The last time the Philippines ranked 95th — the highest spot we’ve held so far — was in 2014. This cycle’s increase is the highest recorded annual improvement of the country since 2010. In pursuing ease of doing business, the Department of Trade and Industry adopted the formula of a whole-of-government approach combined with public-private sector partnership. This formula involves the judiciary, legislative and executive branches working with the private sector towards the deliberate and methodical execution of a sound and clear competitiveness strategy,” he added.

Malacañang said the report showed that the country’s drive for good governance was paying off.

“A responsive and efficient government is truly what our people deserve and the Duterte administration made sure that the results of its efforts would be tangible in this respect,” Palace spokesman Salvador Panelo said.

President Rodrigo Duterte signed Republic Act 11032, or the “Ease of Doing Business Act,” requiring government agencies to act on applications within three days for simple transactions, seven days for complex ones and 20 days for those which are classified as highly technical.

Credit belongs to : www.manilatimes.net

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