The Philippines shot up 29 places in this year’s World Bank Doing Business report. Despite being ranked 95th out of 190 rated nations and territories – up from 124th in 2019 – the country still trails behind many of its East Asia Pacific counterparts: Singapore (number two overall); Hong Kong (three); Malaysia (12); Taiwan (15); Thailand (21); China (31); Brunei (66); Vietnam (70); Indonesia (73); and Mongolia (81).
Commending the improvements made over the last 12 months, the World Bank said doing business in the Philippines had become easier now the country had abolished the minimum capital requirement for domestic firms and streamlined the process of obtaining construction permits and occupancy certificates. It further noted that the country’s move to boost minority investor protection by requiring greater disclosure and improving director liability for transactions with interested parties had also been positive developments. Putting the findings into overall perspective, World Bank President David Malpass said: “The Doing Business 2020 study shows that, although the developing economies are catching up with the developed economies with regards to the ease of doing business, the gap still remains wide.”