PH among 10 most-improved economies

MANILA, Philippines – The Philippines earned a spot among the world’s 10 most-improved economies in easing trade across borders in 2009 and 2010 by improving its electronic customs systems, IFC and the World Bank announced.

In their latest Doing Business 2011: Making a Difference for Entrepreneurs – the eighth in a series of annual reports published by IFC and the World Bank – it revealed that the Philippines has eased business start-up by setting up a one-stop shop at the municipal level.

The report said the country’s improvements to its electronic customs systems, including the addition of functions such as electronic payments and online submission of declarations, reduced the time and cost to trade.

However, it also said that updated electricity connection costs made dealing with construction permits more difficult.

“The Doing Business 2011 results can serve as a global benchmark for the new Philippine government as it begins serious national regulatory reforms and embark on a concerted effort to complement local initiatives,” Jesse O. Ang, IFC Philippines resident representative said.

“These should help the country to keep pace with other economies in enabling local small and mid-sized companies join the formal sector, become more competitive, and create more jobs,” he added.

Philippines’ global ranking remained almost unchanged at 148 among 183 economies after ranking 146 in 2008 and 2009.

Countries like Singapore, Hong Kong SAR China, and New Zealand lead the world in the overall ease of doing business for local firms.

For the first time in eight years, the economies of East Asia and the Pacific were among the most active. Eighteen of 24 reformed business regulations and institutions in the past year – more than in any other region.

In East Asia, emerging-market economies such as Indonesia, Malaysia, and Vietnam took the lead, easing business start-up, permitting, and property registration, and improving credit information sharing.

Malaysia reduced the time and cost to transfer property by introducing more online services. Vietnam earned a spot among the 10 most-improved economies and moved up 10 places in the global rankings on the ease of doing business, to 78 among 183 economies.

Since 2005, about 85 percent of the world’s economies have made it easier for local firms to operate, through 1,511 improvements to business regulation. -CHINO S. LEYCO, Manila Bulletin