MalacaÑang on Wednesday welcomed a World Bank (WB) survey showing that the Philippines vastly improved its worldwide ranking in ease of doing business.
At the same time, the Palace admitted that the government needs to work harder to further improve the “ease of doing business” in the country, and ensure that these gains are inclusive.
“From the beginning, we’ve always acknowledged that improving the business climate is something that should be addressed,” Palace Deputy Spokesman Abigail Valte said in a statement.
“We’re happy to see that some of our efforts are being recognized and reflected in the change in rank in the WB Doing Business 2014 report. However, we also recognize that we need to keep up efforts as inclusive growth requires just that—growth,” she said.
In order to sustain that gain, the Palace official cited the need for combined efforts of the government and the private sector.
“The private sector needs a climate that is friendly, which is why it is imperative for us to further work on the ease of doing business in the country,” Valte added.
According to the 2014 Doing Business survey released by the International Finance Corp. on Tuesday, the Philippines ranked at 108 out of 189 economies covered.
This is better than the government’s goal set in May to improve the country’s rank by 29 notches to 109th.
The Philippines ranked 138th in the 2013 edition, two notches below the 2012 data and four notches down from the 134th rank in 2011.
This is the biggest improvement for the Philippines in the annual survey’s 12-year history. The country ranked the 6th highest in Southeast Asia, and brought the Philippines ahead of Indonesia, which was at 120th place.