THERE’S more proof that the country is no longer a bottom dweller.
Where ease of doing business is concerned, the philippines took the most dramatic jump of 30 notches from its rank last year, according to the latest joint report from the World Bank and International Finance Corp.
The report, titled Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises, showed that out of 189 economies, the Philippines ranked 108th in ease of doing business from its 138th ranking last year.
The country recorded the largest leap in its ranking. Russia and Rwanda jumped 20 places from last year while Ukraine climbed by 25 notches.
The Philippines made improvements in seven out of 10 indicators from only three indicators last year.
Gains were seen in the areas of resolving insolvency, getting credit, getting electricity, paying taxes, trading across borders, dealing with construction permits and registering property.
The report cited the regulatory reforms the government had implemented in the areas of business regulations, including paying taxes and dealing with construction permits.
According to World Bank Country Director Motoo Konishi, these improvements showed the Philippines’ commitment to inclusive growth that generates more and better jobs and reduces poverty.
“The private sector, especially small and medium enterprises, has a key role to play in generating quality jobs. It can only perform this role if regulations are simpler, more transparent, easy to comply with and fair for firms of all size,” he added.
Meanwhile, the National Competitiveness Council of the Philippines (NCCP) said that the overall improvement of the country’s ranking is a “significant turnaround” from a stalemate in the last three years and was the result of teamwork and concentrated efforts of various government agencies.
“We are pleased with the performance this year. It’s the best in 11 years coming off in three years of virtually no change,” NCCP Co-Chairman Guillermo Luz said.
The Doing Business report said Singapore is the best country to do business, followed by Hong Kong. New Zealand, the United States and Denmark complete the top five.
China, which was furious to receive a ranking of 91 last year and pressured the World Bank to drop the 11-year-old study, fell five notches this year to 96th place.
The data was based on surveys of more than 10,000 professionals, mostly people who routinely help administer or give advice on legal and regulatory issues in a country.
The report however does not measure all aspects of the business environment that matter to firms and investors.
With a report from AFP