THE PHILIPPINES has been ranked 87th among 141 nations in terms of being the best for business, a development officials said reflected rising investor confidence.
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The country’s Forbes ranking was unchanged from 2011 but this year the magazine expanded its listing from 134 economies.
Forbes said its ranking was “based on property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.”
The Philippines came ahead of China, which was 96th. Neighboring Singapore, however, was the highest-ranking Asian economy in fourth, while Malaysia (31st), Thailand (67th) and Indonesia (76th) also placed higher.
The Philippines saw a huge jump in terms of stock market performance, rocketing to 4th from 15th last year. It saw slight improvements in monetary freedom (61st from 62nd), innovation (62nd from 69th) and investor protection (105th from 108th).
In terms of property rights and technology the country’s ranking was unchanged at 84th and 77th, respectively.
Declines, meanwhile, were recorded in terms of trade freedom (86th from 79th), corruption (112th from 110th), red tape (128th from 123rd) and tax burden (110th from 89th).
“The confidence in the Philippines is really high now … It’s also about time reforms in the government have an effect and it is possible that in 2013 we could rank higher,” Philippine Chamber of Commerce and Industry Secretary-General Crisanto S. Frianeza yesterday said.
Trade Undersecretary Cristino L. Panlilio, meanwhile, said the Forbes listing “is a positive indicator and will embellish our overall country branding as an investment location.”
Topping this year’s list was New Zealand, followed by Denmark, Hong Kong, Singapore, and Canada.
The lowest ranked country was Guinea. — Emilia Narni J. David, BUsinessworld
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