Phl boosts global ranking in ease of doing business

Reforms made by the previous administration have propelled the Philippines higher in the rankings of the World Bank Group’s annual ease of doing business report.

The Philippines climbed four notches in the Doing Business Report from 103rd last year to 99th out of 190 economies in this year’s edition.

The Philippines has improved the transparency of building regulations. It has also made paying taxes easier by introducing an online system for filing and paying health contributions, and by allowing for online corporate income tax and VAT returns to be completed offline.

“Authorities have worked toward simplifying business regulations in the Philippines. This is important for the economy to ensure small and medium enterprises can flourish and create jobs for millions of Filipinos,” World Bank country director for the Philippines Mara Warwick said.

Challenges, however, remain in the areas of starting a business, protecting minority investors, and enforcing contracts.

“For example, it takes 28 days to start a business in the Philippines, compared to 21 days on average at the global level,” the World Bank said.

Data for the report was collected between February and May 2016 with Quezon City used to represent the Philippines.

Aside from the Philippines, four other countries in ASEAN – Indonesia, Brunei, Vietnam, and Thailand – all received upgrades in their respective rankings.

According to the National Competitiveness Council, the country has gained 49 spots in the Doing Business report since 2011.

The Ease of Doing Business is an annual report reviewing the regulations that enhance business activity and those that constrain it among economies worldwide.

On the number of days needed to start a business, the Philippines ranked 171st in dealing with construction permits, it ranked 85th; getting electricity, 22nd; in registering property, 112th; getting credit, 118th; protecting minority investors, 137th; paying taxes, 115th; trading across borders, 95th; enforcing contracts, 136th; resolving insolvency, 56th.