THE Philippines continues to improve when it comes to business regulations as the country’s global ranking in ease of doing business jumped 13 notches, according to a new World Bank Group publication.
Based on the “Doing Business 2015: Going Beyond Efficiency” report, the country’s ranking in ease of doing business improved from the 108th place in 2013 to 95th in 2014.
“In the Philippines, improvements in resolving insolvency, getting electricity, registering property, and paying taxes enhanced the country’s ranking from 108 in 2014 to 95 in 2015,” it stated.
Measured against global best practice or distance to frontier in business regulations, the report said the country’s performance (62.08) puts the Philippines in the same range as Vietnam (64.42), and Indonesia (59.15).
In the starting a business indicator, the report said the Philippines stands at 161 in the ranking of 189 economies as putting up a new business in the country requires 16 procedures and takes 34 days.
The country, on the other hand, stands at 124th in the ranking on the ease of dealing with construction permits indicator, while in the ease of getting electricity indicator, the Philippines stands at 16th in the ranking as it would require four procedures, takes 42 days and costs 90.6 percent of income per capita to obtain a new electricity connection in the country.
The Philippines stands at 108th in the ranking on the ease of registering property as it would require nine procedures, take 35 days and cost 4.3 percent of the property value to complete a property transfer in the country.
Singapore continues to provide the world’s most business-friendly regulatory environment. Also among the top 10 economies in the ease of doing business ranking are New Zealand, Hong Kong, the Republic of Korea, and Australia.