Philippines moves up 13 notches in Ease of Doing Business

MANILA, Philippines - The Philippines moved up by 13 notches in its ranking in the Ease of Doing Business Report 2015 released by the World Bank and International Finance Corporation on Wednesday.

 

From being ranked 108th last year, the country rose to the 95th spot out of 189 economies.

 

READ: Philippines jumps 30 places in Ease of Doing Business report

 

Singapore, New Zealand, Hong Kong, Denmark and Korea are the top five economies while Eritrea, Libya, Central African Republic, South Sudan and Chad are at the bottom. A high rank means that an economy is more conducive for starting and operating a local firm.

 

The rankings are measured using the indicators of a business environment which are the following:  starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

 

Out of the said indicators, the country ranks highest in getting electricity where it stands at the 16th spot of 189.

 

"Access to reliable and affordable electricity is vital for businesses. To counter weak electricity supply, many firms in developing economies have to rely on self-supply, often at a prohibitively high cost," the report said.

 

The country's rank in getting electricity is based on specific procedures that entrepreneurs undergo to get electricity connection for a warehouse.

 

On the other hand, the country scored 62.08 in the distance to frontier which shows  the absolute distance of an economy to the best performance on each indicator.