World Bank said Thursday that the Philippines’ ranking was improved as compared to the previous year in the World Bank 2020 Ease of Doing Business report.
The Philippines climbed to rank 95 from rank 124 of the previous year according to World Bank. The World Bank also said that the overall score of the Philippines improved to 62.9 as compared to 60.9 score in 2019.
World Bank 2020 report showed that the score of Manila improved in terms of starting a business, dealing with construction permits, protecting minority investors, and paying taxes; The Manila’s rating fell down in terms of getting electricity and resolving insolvency.
In terms of registering property, getting credit, trading across borders, and enforcing contracts, the Philippines’ scores remained unchanged as compared to the previous year.
“Removing barriers facing entrepreneurs generates better jobs, more tax revenues, and higher incomes, all of which are necessary to reduce poverty and raise living standards,” David Malpass, the president of World Bank Group, said in a statement.
President Rodrigo Duterte signed the Ease of Doing Business Act in 2018 and set up an Anti-Red Tape Authority.
The World Bank studies reformed in different areas of business activity in 190 economies. This may include different issues such as construction permits, getting electricity and paying taxes.
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