Ease Of Doing Business Looking Bright For The Philippines By 2022

In the World Bank Group’s Doing Business 2018 Report across 190 economies, the Philippines used to hold the 99th place, but this year we plunged down 14 notches to 113th.

However, despite the fall, the Philippines is eyeing to reach the “top 20 percent” of the 190 countries that are being tracked.

This “ambitious” goal is still being targeted, it aims to give ease of doing business before President Rodrigo Duterte ends his presidential term in 2022.

Trade Secretary and National Competitiveness Council chair Ramon Lopez said in a press conference that they will still try to achieve it despite it being a bit “ambitious.”

“It’s an ambitious target but we will still try to do it,” Lopez told a press conference on Thursday.

“It’s time to improve our target… parang aiming for the stars tayo,”

“In other words, achieving all those right number of procedures, right number of cost per capita—those targets are the ones we’ll seriously consider.”

Meanwhile, in the distance-to-frontier metric basis, we saw a slight improvement as the Philippines score went from 58.32 to 58.74. Unfortunately, Doing Business stated that the country’s 2018 DTF is still below the average of 62.7 across Pacific and East Asia economies.

NCC co-chairman for the private sector Bill Luz was asked in the same press conference if it is safe to assume that the Philippines’ ranking will recover.

“Nothing is safe because the other countries are also moving.”

“The higher you move up, the competition will get tougher. We have to push the score,”

Furthermore, Lopez also added that the rankings are not important as the government focuses on improving its score.

“Ang importante satin actually ‘yung score natin will jump to… I think the highest now is somewhere to 70 plus to 80 plus. So ‘yon ‘yung target natin,”

“The ranking will be secondary because the bottomline, ‘yung score kasi reflects the ease of doing business na ini-implement natin,”

“If you hit the highest score, you’re up there in the ranking. But even without looking at the ranking, you know that you are providing ease of doing business.”

On a different note, NCC stated on Wednesday that the impact of introduced by the Duterte administration in the second half of 2016 “may not have been fully experienced yet” by the businessmen surveyed during the first five months of 2017.

NCC also listed 10 priority projects that have to be implemented to improve our ratings.

“Improving ease of doing business in the Philippines is an endeavor that involves the Executive, Legislative, and Judicial branches of government. It is a whole-of-government effort,”

Source: PhilStar