Upbeat
No. 11.13.13 No. 2121 10.30.2008
Biggest improvement for any country
PHL jumps 30 places in WB’s Doing Business report The Philippines leapfrogged by 30 places to 108 th from 138 th last year in the World Bank (WB) Doing Business 2014 report. The 30-spot jump was the biggest improvement for the Philippines and for any country in the world since the survey started 11 years ago. The Philippines now ranks 6 th among Association of Southeast Asian Nations (ASEAN) countries behind Singapore (1), Malaysia (6), Thailand (18), Brunei (59), and Viet Nam (99). The Philippines, however, ranks higher than Indonesia (120) and Cambodia (137). T rade and Industry Information Center Makati City, Philippines Tel.: (632) 895.3611 Fax: (632) 895.6487 publications@dti.gov.ph
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The report, which covered 189 economies, highlighted the country's efforts to allow creditors’ committees a say in insolvency proceeding decisions and in providing a legal framework for out-of-court workouts in resolving insolvency.
“A good example is the Philippines, the economy that made the biggest improvement in the efficiency of insolvency proceedings in 2012-2013. The new insolvency law that led to this improvement, the Financial Rehabilitation and Insolvency Act of 2010, was adopted in July 2010, but its impact was felt in the resolving insolvency indicators only in 2012-2013,” WB said. The report said the Philippines is one of the 10 most improved economies in terms of business regulation this year, making big strides particularly in dealing with construction permits, getting credit, and paying taxes. “A better business climate that enables entrepreneurs to build their businesses and reinvest in their communities is key to local and global economic growth. Doing Business shows that economies with better business regulations are more likely to empower local entrepreneurs to create more jobs – another step in the right direction toward ending extreme poverty by 2030,” WB Group President Jim Yong Kim said. The WB said the gains were made due mainly to reforms implemented by the Aquino administration. The National Competitiveness Council (NCC), which leads efforts in improving the ease of doing business in the Philippines, aims to improve the country’s ranking by at least another 30 notches next year to put the Philippines closer to its goal of making it to the upper third of the scale by 2016.