WB ranking affirms PH commitment to streamline biz processes

FILE: H.E. JOSE MANUEL G. ROMUALDEZ Ambassador of the Republic of the Philippines to the United States of America (Photo: Embassy of the Philippines, Washington D.C./Website)

MANILA — The Philippine Embassy in the United States has praised the improved ranking of the Philippines from 124th to 95th in the World Bank Doing Business 2020 Report as a validation to Manila’s continuing efforts to streamline business processes in the country.

In a statement dated October 24, Ambassador Jose Manuel Romualdez welcomed the report’s release, which showed that the Philippines’ overall ease of doing business score improved from 57.68 to 62.8.

“We believe that the Doing Business 2020 report is a validation of the Philippine government’s commitment to introduce reforms and streamline business processes,” Romualdez said.

He also reiterated the country’s position that “the data underlying publications such as the Doing Business report should be accurate and comprehensive”.

“The Philippine Government, through the DOF (Department of Finance) and the DTI (Department of Trade and Industry), continues to engage with the World Bank and other reporting institutions to ensure a fair and realistic assessment of our reforms,” he said.

In his statement, the envoy also noted that the DOF and the DTI have been leading a holistic inter-agency effort to improve the ease of doing business in the Philippines and have worked closely with the Legislative and Judicial branches of government.

READ: PH protests drop in Doing Business 2019 report ranking

Last year, Manila protested the decline in the country’s ranking in the 2019 World Bank report to the 124th spot from 113th in the 2018 index that came despite its score improving by 1.

36 points to 57.68.

The latest World Bank report has highlighted the reforms recently undertaken by the Philippines in starting a business, dealing with construction permits, and protecting minority investors.