The Department of Trade and Industry welcomes the thirty-notch rise of the Philippines in the latest results of the Doing Business Report 2014 released by World Bank-International Finance Corp. 

 Doing Business of the World Bank Group focuses on regulations applying to small and medium-size domestic enterprises in 11 areas of their life cycle:  starting a business, dealing with construction permits,  getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers. 

 The Philippines has the biggest improvement in business regulation in the past year, ranking 108th out of 1869 economies worldwide. Major gains were reported in the areas of resolving insolvency, with a 65-notch jump to 100th place from 165th last year; getting credit information , which is now at 43rd 86th place, 43 ranks higher than last year’s 86129th; and getting electricity, 24 notches up to 33rd place from 57th in last year’s survey.

 According to the Ease of Doing Business Survey Report, securing construction permits have been made easier by eliminating the requirement to obtain a health certificate, cutting down the process time to four steps and cycle time to seven days.

 The Report survey also noted an improvement in access to credit information with the enactment of Data Privacy Law that guarantees borrowers right to access their data.

 Paying taxes in Philippines is easier for companies due to the introduction of electronic filing and payment system for social security contributions.

 The Philippines is now at 6th place among its ASEAN neighbours, two ranks up from last year, beating Indonesia, Cambodia, Laos, and newcomer Myanmar.

 DTI Secretary Gregory Domingo expressed his optimism that the Philippines will achieve its target to land in the top third of global competitiveness rankings by 2016.

 “With the big leaps made in the past three years, I am confident that the Philippines will sustain its momentum in competitiveness, and eventually reach its target to be in the top third of the rankings by the end of this administration.“  Sec. Domingo added.

 “The results of the Ease of Doing Business, in which the Philippines jumped thirty notches to 108th from 138th, is a testament to the  continuing efforts of government government’s in partnership with the private sector,  continuing effort  to improve the ease and the cost of doing business in the country anchored on the good governance and inclusive economic growth agenda of the administration.“ Sec. Domingo said. (DTI-PRO) via (PIA)