THE PHILIPPINES emerged as the economy that improved the most in the latest issue of an annual joint World Bank-International Finance Corp. report that tracks changes in regulations applied to domestic small- and medium-sized companies.
The 11th edition of Doing Business report showed the Philippines soared 30 notches from last year to land at 108th place among 189 economies on this year’s list. Libya, Myanmar, San Marino and South Sudan were added this year.
“The Philippines jumped in ranking by 30 points from 138 to 108, more than any other country out of 189 economies that Doing Business measures,” according to a prepared speech of World Bank’s Philippines Country Director Motoo Konishi that was e-mailed to media by the multilateral lender’s local office.
“This is the first major improvement for the Philippines in the Doing Business ranking since the report started 11 years ago.”
Apart from the Philippines, the other most improved economies in terms of ranking were Ukraine (up 25 places to 112th), Rwanda (20 notches to 32nd), Brunei Darussalam (20 spots to 59th), Russian Federation (20 to 92nd), Burundi (up 19 places to 140th), Guatemala (14 notches to 79th), Brazil (14 spots to 116th), Iraq (14 to 151st), and Kosovo (12 to 86th).
The top 10 positions were occupied, in descending order, by Singapore, Hong Kong, New Zealand, United States, Denmark, Malaysia, South Korea, Georgia, Norway and the United Kingdom.
Besides Singapore, Malaysia and Brunei, faring better than the Philippines in Southeast Asia were Thailand (18th) and Vietnam (99th).
Those ranked below the Philippines were Indonesia (120th), Cambodia (137th), Laos (159th), Timor-Leste (172nd) and Myanmar (182nd).
In a briefing yesterday, Guillermo M. Luz, co-chairman of the National Competitiveness Council, noted Philippine ranking performance in the report’s 10 indicators this year was “a complete turnaround” from last year, when the country placed lower in seven.
“We have made improvements in seven out of the 10 indicators, so this year is a complete turnaround from last year,” Mr. Luz said.
“The 30 (-place) jump is the highest not just for the Philippines but also in the world this year.”
The report noted improvements in resolving insolvency (up 65 spots to 100th), getting credit (43 to 86th), getting electricity (24 spots to 33rd), paying taxes (12 to 131st), trading across borders (11 to 42nd), dealing with construction permits (up one place to 99th) and registering property (also one notch to 121st).
“These changes have been attributed to elimination of certain documentary requirements, guaranteed access to credit information, electronic systems for filing contributions, and impact of laws such as the Data Privacy Act and the Financial Rehabilitation and Insolvency Act,” the report read.
On the other hand, drops were seen in the areas of starting a business (down nine ranks to 170th) and enforcing contracts (three spots to 114th), while there was no change in protecting investors (128th).
“I’m impressed...This is a great jump -- 30 ranks from 138 to 108...” John D. Forbes, senior advisor at the American Chamber of Commerce of the Philippines, said in the same briefing.
“But the tough challenge begins when you get to the neighborhood where economies have higher rankings.” -- D. E. D. Saclag
“The Philippines jumped in ranking by 30 points from 138 to 108, more than any other country out of 189 economies that Doing Business measures,” according to a prepared speech of World Bank’s Philippines Country Director Motoo Konishi that was e-mailed to media by the multilateral lender’s local office.
“This is the first major improvement for the Philippines in the Doing Business ranking since the report started 11 years ago.”
Apart from the Philippines, the other most improved economies in terms of ranking were Ukraine (up 25 places to 112th), Rwanda (20 notches to 32nd), Brunei Darussalam (20 spots to 59th), Russian Federation (20 to 92nd), Burundi (up 19 places to 140th), Guatemala (14 notches to 79th), Brazil (14 spots to 116th), Iraq (14 to 151st), and Kosovo (12 to 86th).
The top 10 positions were occupied, in descending order, by Singapore, Hong Kong, New Zealand, United States, Denmark, Malaysia, South Korea, Georgia, Norway and the United Kingdom.
Besides Singapore, Malaysia and Brunei, faring better than the Philippines in Southeast Asia were Thailand (18th) and Vietnam (99th).
Those ranked below the Philippines were Indonesia (120th), Cambodia (137th), Laos (159th), Timor-Leste (172nd) and Myanmar (182nd).
In a briefing yesterday, Guillermo M. Luz, co-chairman of the National Competitiveness Council, noted Philippine ranking performance in the report’s 10 indicators this year was “a complete turnaround” from last year, when the country placed lower in seven.
“We have made improvements in seven out of the 10 indicators, so this year is a complete turnaround from last year,” Mr. Luz said.
“The 30 (-place) jump is the highest not just for the Philippines but also in the world this year.”
The report noted improvements in resolving insolvency (up 65 spots to 100th), getting credit (43 to 86th), getting electricity (24 spots to 33rd), paying taxes (12 to 131st), trading across borders (11 to 42nd), dealing with construction permits (up one place to 99th) and registering property (also one notch to 121st).
“These changes have been attributed to elimination of certain documentary requirements, guaranteed access to credit information, electronic systems for filing contributions, and impact of laws such as the Data Privacy Act and the Financial Rehabilitation and Insolvency Act,” the report read.
On the other hand, drops were seen in the areas of starting a business (down nine ranks to 170th) and enforcing contracts (three spots to 114th), while there was no change in protecting investors (128th).
“I’m impressed...This is a great jump -- 30 ranks from 138 to 108...” John D. Forbes, senior advisor at the American Chamber of Commerce of the Philippines, said in the same briefing.
“But the tough challenge begins when you get to the neighborhood where economies have higher rankings.” -- D. E. D. Saclag
Credit: BusinessWorld
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