Ranking 108th out of 189 economies worldwide, the Philippines had the biggest improvement in business regulation in the past year as it jumped 30 notches from 138th in the latest results of the Doing Business 2014 report released by the World Bank-International Finance Corporation. Major gains were reported in the areas of resolving insolvency, with a 65-notch jump to 100th place from 165th last year; getting credit, where the country is now at 86th place, 43 ranks higher than last year’s 129th; and getting electricity, 24 notches up to 33rd place from 57th in last year’s survey.
According to the report on Ease of Doing Business in the Philippines, securing construction permits have been made easier by eliminating the requirement to obtain a certificate. There is an improvement in access to credit information with the enactment of the Data Privacy Law that guarantees borrowers’ right to access their data. Paying taxes is made easier for companies with the introduction of electronic filing and payment system for social security contributions. The Philippines is among the top 10 economies improving the most in 2012-2013; the others are Ukraine, Rwanda, the Russian Federation, Kosovo, Djibouti, Cote d’ Ivoire, Burundi, the former Yugoslav Republic of Macedonia, and Guatemala.
The Doing Business 2014 focuses report on regulations applying to small and medium-size domestic enterprises in 189 economies and ranks the economies in 11 areas of business regulation – starting a business, dealing with construction permits, getting electricity, registering properly, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, and employing workers.
Launched in 2002, the Doing Business Project gathers and analyzes comprehensive data to compare business regulation environments among several economies. It encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business environment of each country. The first Doing Business report, published in 2003, covered five indicator sets and 133 economies. This year’s report covers 11 indicator sets and 189 economies. Four economies – Libya, Myanmar, San Marino, and South Sudan – were added this year.
We congratulate the government and the Filipino people of the Republic of the Philippines headed by H.E. President Benigno S. Aquino III and the Department of Trade and Industry headed by its Secretary Gregory L. Domingo, in their continuing efforts to improve the ease and the cost of doing business in our Republic of the Philippines anchored on inclusive economic growth and therefore making it to the top 10 most improved economies in business regulations in the world. CONGRATULATIONS AND MABUHAY!
Incoming search terms:
- business (11)
- philippine economy registered an economic improvement (3)