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MANILA, Philippines – The Philippines gained higher ranking in the list of countries best for businesses due to current administration’s efforts.
From 103rd spot last year, Philippines holds the 99th place in Doing Business Report’s overall list. The country increased by 49 spots since 2011.
With regards to separate lists by Doing Business Report, Philippines ranked 22nd in getting electricity, 56th in solving lack of financial resources, 85th in construction permits processing, 95th in across border trading, 112th in property registration, 115th in tax payments, 118th in credit claims, 136th in contract enforcement, 137th in minority investors protection, and 171st in average number of days in starting business.
The improvement in ranking is driven by Philippines’ easier and more transparent business regulations, such as on easy tax payments, offline VAT and corporate income tax reporting, and quick health contributions transfer through the internet.
World Bank Country Director for the Philippines, Mara Warwick, stated that Philippines administration worked in simplifying regulations for business. According to her, this will attract small and medium enterprises to invest and create more employments for the citizens.
However, Warwick stated that putting up business in the Philippines is seven days slower on the average level globally. This will be a challenge in business startups, contract enforcement, and minority investors protection.
Four other countries in ASEAN have received increased rankings, namely, Brunei, Indonesia, Thailand, and Vietnam.
Doing Business Report ranks countries based on the ease of business regulations imposed to investors, placing most enhanced business activity at the top.