Photo courtesy of philstar.com

The Philippines advanced to the 95th spot from 124th place in 2019 out of 190 economies in the World Bank’s “Doing Business 2020” report released on 24 October 2019. The country’s score improved to 62.8 from 60.9 previously.

The World Bank highlighted that starting a business in the Philippines became easier following the abolition of the minimum capital requirement for domestic companies. The country also made dealing with construction permits easier by improving coordination and streamlining the process for obtaining an occupancy certificate. The World Bank added that the Philippines strengthened minority investor protections by requiring greater disclosure of transactions with interested parties and enhancing director liability for transactions with interested parties.

Further, the Philippines was among 42 economies that made it easier to do business in terms of at least three out of the 10 areas or criteria used in the report.

The full report can be accessed through the link below:

https://openknowledge.worldbank.org/bitstream/handle/10986/32436/9781464814402.pdf