29 October 2019 – Philippines jumped 29 notches in the World Bank’s annual Doing Business Report, ranking 95th from 124th last year with a score of 62.8 and 57.68 respectively. New Zealand tops the 2020 ranking with a score/ value of 86.8 followed by Singapore with 86.2.
Based on the report, the Philippines improved in three areas: starting a business, dealing with construction permits, and protecting minority investors. Starting a business was made easier by abolishing the minimum capital requirement for domestic companies. Furthermore, streamlining the process for obtaining an occupancy certificate was improved in securing construction permits.
Among the ASEAN member states, there are no changes in the rankings from 2019 to 2020 report. Singapore still leads followed by Malaysia and Thailand. The Philippines remained at 7th place followed by Cambodia, Lao PDR and Myanmar for both 2019 and 2020.
The Doing Business report measures aspects of business regulation and their implications for firm establishment and operations. Doing Business 2020, a World Bank Group flagship publication, is the 17th in a series of annual studies measuring the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies.
Read full Doing Business 2020 report here.
Keywords: Doing Business, Ease of Doing Business, Worldbank, economic indicators, business regulations