Out of 190 economies, the Philippines advanced to the 95th spot from 124th place in 2019. The country’s score improved to 62.8 from 60.9 previously. (Source: philstar.com) Singapore (VNA) - Ease of doing business in the Philippines improved over the past year, with the Southeast Asian country climbing 29 notches in World Bank’s “Doing Business 2020” report released on October 24.
Out of 190 economies, the Philippines advanced to the 95th spot from 124th place in 2019. The country’s score improved to 62.8 from 60.9 previously.
Compared to its peers in the East Asia Pacific, the Philippines ranked after Singapore, Hong Kong (China), Malaysia, Taiwan (China), Thailand, China, Brunei, Vietnam, Indonesia and Mongolia.
The Washington-based multilateral lender’s annual report looks into the regulations that enhance business activity and those that constrain it.
According to World Bank, starting a business in the Philippines became easier following the abolition of the minimum capital requirement for domestic companies.
The country also made dealing with construction permits easier by improving coordination and streamlining the process for obtaining an occupancy certificate.
The Philippines strengthened minority investor protections by requiring greater disclosure of transactions with interested parties and enhancing director liability for transactions with interested parties, the bank added.
Worldwide, 115 economies made it easier to do business, World Bank said, with New Zealand remaining the most business-friendly country in the world. Somalia was the worst with a score of 20.
The Doing Business 2020 study shows that developing economies are catching up with developed economies in ease of doing business, WB President David Malpass said./.
VNA
