PH to rank 65-70 in WB-IFC survey – NCC
The Philippines is on track to be in the top third this year out of 189 countries surveyed by the World Bank-IFC's "Ease of Doing Business" report with the most improvement seen in the “starting a business” indicator, according to the National Competitiveness Council.
NCC private sector co-chairman Guillermo Luz said that based on their calculation following the implementation of measures to improve competitiveness of doing a business in the country, the Philippines should be in the top 65 to 70 out the 189 countries in the IFC survey, which is expected to come out in October this year.
“We run a calculation. I think we can be between 65 and 70 overall,” Luz said.
What will bring the Philippines on track of its target to be in the top third percentile of the 189 countries is the improvement on “starting a business,” one of the 10 indicators being looked into and judged by the WB-IFC survey.
Luz said that “starting a business” is the number one indicator in the survey that presented the Philippines with the biggest challenge. That is why this is one area where the government has really put its effort at doing some tangible improvements. In the last WB-IFC 2015 report released in October last year, the Philippines ranked 161 in this particular indicator. Overall, the Philippines ranked 95th.
“We have to improve we cannot afford to remain at 161 out of 189 countries. We cannot afford to be in 161 again,” Luz said. He said the NCC should be happy to go above 100 in this year’s survey.
Department of Trade & Industry (DTI) Secretary Gregory Domingo, NCC Public Sector Chairman in his opening remarks during the summit expressed confidence that “the momentum in competitiveness will be sustained”.
“The new ranking now puts the Philippines at the middle-third of world rankings. The goal is to be in the top-third of global rankings by 2016,” Secretary Domingo said.
The summit centered on the Philippines’ performance as the most improved economy in the Ease of Doing Business Report, moving up a total of 53 notches from 2011 to 2015.
Various public agencies and private organizations have been closely monitoring the indicators in the Doing Business report.
The expected huge jump in the “starting a business” indicator is based on the improvement in the process of starting a business following an agreement among 12 different government agencies involved in this process to reduce the number of steps to 6 from 16 and the number of days to 8 from 34.
The reduced processes using a unified registration took effect in April in the National Capital Region where 80 percent of companies do their incorporation. Since this improvement, Luz said that 90 percent of the starting a business processes can be done already within 24 hours only.
“But this indicator is also the most competitive because other countries are also improving their processes,” he said.
The Philippines was the most improved economy in the Ease of Doing Business Report, moving up a total of 53 notches from 2011 to 2015 report. The government target is to be in the top third percentile in the 2016 report.
Aside from starting a business, other indicators in the survey include dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.