MANILA, (PNA) — The Aquino administration expressed elation over reports that the Philippines is among the top 10 most improved economies in business regulation over the past year in the latest edition of the World Bank’s Doing Business Survey.
Presidential Communications Operations Office Secretary Herminio B. Coloma Jr. issued the statement on Wednesday following reports that “the country is among the 10 best economies that has made inroads in making it easier to do business in the past year.”
According to the World Bank Group’s “Doing Business” report released on Tuesday, the Philippines improved its ranking by 30 places following a series of reform measures implemented by the Aquino government.
“Mainam na malaki ang pagtaas ng rating sa World Bank Doing Business Index. Ang susunod na target ay isa pang mataas na pagtalon tungo sa double digit rating (sa loob ng top 80). Kailangang pahusayin pa sa aspeto ng pagpapadali ng pagtatayo ng bagong negosyo,” Coloma said.
In its “Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises,” the World Bank said the Philippines was among nations that has implemented at least three reforms in doing business the multilateral lender monitors.
The Philippines made it easier for businessmen to deal with construction permits, get credit and pay taxes, the report noted.
According to the latest report, the Philippines now ranks 108th out of 189 nations, up 30 notches from the 138th spot in landed on last year.
This is the biggest improvement for the Philippines in the annual survey’s 12-year history. The country ranked 6th highest in the ASEAN, and brought the Philippines ahead of Indonesia, which was at 120th.
The other nations that made it to the top 10 most improved economies are Ukraine, Rwanda, Russia, Kosovo, Djibouti, Ivory Coast, Burundi, Macedonia and Guatemala.
“The introduction of a fully operational online filing and payment system made tax compliance easier for companies,” the World Bank said about the Philippines in a statement.
It also noted the “simplified” occupancy clearances that eased construction permitting as well as new rules guaranteeing borrowers’ access on their data in the Philippines’ credit bureau.
Singapore continued to be the most business-friendly economy in the world, followed by Hong Kong, New Zealand, the United States and Denmark.
The report also noted that the pace of business regulatory reform continues to accelerate worldwide following the 2008 financial crisis.