The Philippines has posted a significant improvement of 29 notches in the global rankings of the ease of doing business to 95th from 124th among 190 economies.
The World Bank (WB) on Thursday, Oct 24, released its Doing Business (DB) 2020 Report, which indicates that the Philippines is one of the top three performers among the economies covered by the study.
The last time the Philippines ranked 95th — the highest spot it has held so far — was in the year 2014, according to Department of Trade and Industry secretary Ramon M. Lopez. “This DB 2020 cycle increase remains the highest recorded (annual) improvement of the country since 2010,” he said.
The country also recorded the highest improvement, both in rank and Ease of Doing Business (EODB) score, among Association of Southeast Asian Nations (Asean) member nations. Its EODB score improved from 57.68 to 62.8 (+5.12) this year.
The WB report cited the Philippine implementation of regulatory reforms in starting a business, dealing with construction permits, and protecting minority investors.
Lopez said that if the Philippines wants to achieve its goal of barging into top 40% of the rankings, which would be around rank 76, it needs to implement more electronic systems in the government.
“Economies that score highest on the ease of doing business share several common features including the widespread use of electronic systems. All of the 20 top-ranking economies have online business incorporation processes, have electronic tax filing platforms, and allow online procedures related to party transfers. Moreover, 11 economies have electronic procedures for construction permitting. Fourteen of the 20 top performers have a unified collateral registry,” he noted.
Thus, Lopez said the government is looking at the following priorities:
- Philippines Business Portal (i.e. Online, One form, One number, end-to-end mobile registration)
- Online Corporate registration system
- Unified Employee Reporting System for Social Security Agencies
- Property Registration Portal
- Modern Collateral Registry
– with report from Leslie Gatpolintan (PNA)