Doing Business 2009: The Philippines Needs to Accelerate and Complete Reforms to Achieve Greater Economic and Social Impact
IFC Media Contacts:
In Manila: Gerlin May Catangui
GCatangui@ifc.org
(632) 848-7333
In Hong Kong: Andrew Mak
AMak@ifc.org
(852) 2509-8110
In Washington: Maria Alexandra
Velez Henao
mvelezhenao@ifc.org
1 (202) 458-8789 Cell: 1 (202) 684-4117
Rebecca Ong
rong@ifc.org
1(202) 458-0434 Cell: 1(202) 651-1390
World Bank Media Contacts:
In Manila: Dave Llorito
dllorito@worldbank.org
(632) 917-3047
Kitchie Hermoso
mhermoso@worldbank.org
(632) 917-3013
In Washington: Mohamad Al-Arief
MAlarief@worldbank.org
1 (202) 458-5964
Manila, Philippines, September 10,
2008—Accelerating and completing the reforms that the Philippines
started in the last few years is necessary to improve the local business
environment, create more jobs, and reduce poverty, according to the heads
of IFC and the World Bank in the country. They were speaking today at the
launch of Doing
Business 2009—the sixth report
in an annual series published by IFC and the World Bank.
The report looks into the laws, rules,
and regulations that enhance or impede business activities in 181 countries
based on 10 indicators: starting a business, dealing with construction
permits, employing workers, registering property, getting credit, protecting
investors, paying taxes, trading across borders, enforcing contracts, and
closing a business. The Philippines ranks 140, and the report cited the
country for upgrading the risk management and electronic data interchange
system for customs, making it less cumbersome to do business across the
border.
Jesse Ang, IFC Resident Representative,
said, “Major initiatives have been undertaken in key sectors. To have
an impact on the business climate indicators and achieve higher economic
growth, it is imperative for the country to stay on course, hasten the
process, and complete the reforms.”
The reforms underway include establishing
a Web-based registry system and a credit information system to reduce lending
risks, and implementing the anti-red-tape law to ensure speed and transparency
in government transactions with the public. “We should make these reforms
happen—and soon,” Ang added.
“Accelerating reforms in business regulations
and increasing competition could boost the government’s efforts to achieve
sustained and pro-poor growth,” said Bert Hofman, World Bank Country Director.
“Less cumbersome regulations bring small and microenterprises into the
formal sector and enables increased access to finance for their expansion.
This creates more jobs that are protected by labor laws. Research indicates
that countries with burdensome regulations tend to have a larger informal
sector, higher unemployment, and slower rates of new business formation.”
Globally, Singapore leads the rankings
on the overall regulatory ease of doing business for a third consecutive
year. New Zealand is runner-up, and the United States is in third place.
Other high-ranking countries in East Asia and the Pacific are China’s
Hong Kong Special Administrative Region, Japan, Thailand, Malaysia, and
South Korea. These countries also took steps to protect investors, improve
bankruptcy procedures, and strengthen the legal rights of creditors and
borrowers. Cambodia’s new secured transactions law made it the world’s
leading economy in easing access to credit.
Read the report’s Overview or view
the data online at http://www.doingbusiness.org
|
