The World Bank has released its renowned world economy ranking and shows Philippines improving its score in key areas. Reforms that have helped the country move up the ease of doing business ladder as identified by the report are:
A) Starting a business
The Securities and Exchange Commission (SEC) has released a revised corporation code modifying the minimum capital requirement favoring domestic companies.
B) Dealing with construction permits
A more streamlined process for obtaining occupancy certificate was introduced to ease the process of dealing with construction permits.
C) Protecting minority investors
The Philippines strengthened minority investor protections by requiring greater disclosure of transactions with interested parties.
From 124th place in 2019, the Philippines has significantly made progress and ranked 95th this year. The country has also been identified as among the forty-two economies which improved the most across three or more Doing Business topics that were identified by World Bank for years 2018 and 2019. This is an indication that the Philippines is highly capable of implementing sound regulatory changes to attract higher foreign direct investments. But with the on-going pandemic and ever-dynamic ASEAN neighbors who are also competing with the Philippines in terms of cheap labor costs, investment incentives and ideal manufacturing sites, sustenance and further development of strategic and sound reforms will be critical to win and/or keep the favors of investors.
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