In the 12th edition of World Bank Group flagship publication, Doing Business 2015: Going Beyond Efficiency, Philippines ranked on 95th in the list of 189 economies. While Singapore, New Zealand, Hong Kong, Denmark and South Korea were listed in the top five.
Last year, Philippines jumped 30 places ranking at 108th.
“Improvements in resolving insolvency, getting electricity, registering property, and paying taxes enhanced Philippines’ ranking,” the World Bank said. While traffic remains to be an issue.
The list was based on regulations affecting the life of a business and ease of doing business in a certain country or economy which include starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
At the bottom five are Chad, South Sudan, Central African Republic, Libya and Eritrea.
“Each economy from the 189 economies measured is evaluated based on how close their business regulations are to the best global practices. A higher score indicates a more efficient business environment and stronger legal institutions,” the World Bank Group said.
Philippines scored 62.08, putting the country in the same range as Vietnam (64.42), and Indonesia (59.15). While Singapore, with the highest score, got 88.27. Eritrea, at the bottom, scored 33.16.
“I congratulate the Philippines on its positive showing this year, but, there is significantly more work to be done by the government to improve the regulatory environment that support economic growth and job creation,” said Motoo Konishi, WBG Country Director for the Philippines.