The Philippines jumped 29 spots in the latest World Bank roster of economies ranked by the ease of doing business, landing in 95th place among 190 economies, up from 124th last year.
The World Bank’s Doing Business 2020 Report, released Thursday, showed the Philippines was one of the top three most improved in terms of ease of doing business.
The country also recorded the highest improvement, both in rank and its Ease of Doing Business score, among the Association of Southeast Asian Nations member nations.
The World Bank report cited the Philippines’ implementation of regulatory reforms for starting a business, dealing with construction permits, and protecting minority investors.
Malacañang welcomed the news, tying the improvement to President Rodrigo Duterte’s promise to foreign investors that he would create an environment that is conducive to business, the Palace said.
Compared to its peers in the East Asia Pacific, the Philippines ranked below Singapore (2nd), Hong Kong (3rd), Malaysia (12th), Taiwan (15th), Thailand (21st), China (31st), Brunei (66th), Vietnam (70th), Indonesia (73rd) and Mongolia (81st).
“We attribute the improvement in the Philippines’ ranking to broad regulatory reforms such as the Ease of Doing Business Act signed by the President over a year ago,” said Communications Secretary Martin Andanar.
“We expect even better results in the coming years as the government remains committed to give the Filipino people an easier and more comfortable life,” he added.
rs on Thursday welcomed the significant improved ranking as well.
“Our country’s great leap in the World Bank ease of doing business survey is a big boost to our quest for more foreign and domestic investments,” House Majority Leader and Leyte Rep. Martin Romualdez.
Romualdez said the survey result signifies the business community’s confidence in the structural reforms being implemented by the Duterte administration to propel the country’s economy to greater heights.
“The improvement in our worldwide ranking will definitely lead to more investments, which translate to more jobs for our people,” Romualdez said.
“We have laid the groundwork to make our economy more competitive with the enactment of the Ease of Doing Business Law and the Anti-Red Tape Act. In the days to come, the House of Representatives will exercise its oversight function to ensure that these laws are being implemented faithfully,” he added. With PNA