World Bank Report Shows Philippines Improving In Ease Of Doing Business
Earlier today, the World Bank (WB) released its Doing Business 2020 Report. The report shows that the Philippines has seen a significant improvement in the global ranking of the ease of doing business. Climbing up 29 notches from its spot last year, from 124th among 190 economies to 95th.
Ease of doing business refers to the implementation of regulatory reforms to speed up transactions of business with various government agencies.
In this report, not only did the Philippines take a huge leap in rankings, but it’s also one of the top three highest jumpers among economies covered in the study. The country is said to have recorded the highest improvement in rank and in the Ease of Doing Business (EODB) score, compared to other members of the ASEAN.
Based on WB’s report, the Philippines’ EODB score improved from 57.68 to 62.8, up by 5.12 points this year.
The WB report cited the Philippine implementation of regulatory reforms in starting a business, dealing with construction permits, and protecting minority investors.