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Philippines makes 'long jump' in Doing Business report

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The Philippines climbed 29 notches in the World Bank's Doing Business 2020 report, from 124th to 95th. This was the third highest jump in ranking among 190 economies. | More details at

THE Philippines jumped 29 notches in World Bank's Doing Business 2020 rankings to place 95th among 190 economies.

The three topics are: Getting Credit , Protecting Minority Investors , and Dealing with Construction permits He said the Philippines submitted 42 reforms and 11 data correction requests to the World Bank for the Doing Business 2020 report.In the 2019 report, the government had objected to the Philippines' slide by 11 notches to 124 from 113 in 2018.

Under the Tax Reform for Acceleration and Inclusion law, the Bureau of Internal Revenue has also simplified the income tax returns for corporations, thus, reducing the amount of time for preparation and filing to 24 hours from the previous 38 hours. "The WB team acknowledged this reform, however, there was not enough time to assess impact of the Revised Rules of Procedure for Small Claims Cases on the standardized commercial dispute. This, we believe will have an impact in the next cycle of the DB 2021," Lopez said.

 

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