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PH gov’t downplays drop in Doing Business rank as a ‘hiccup’

/ 04:13 PM October 29, 2014

MANILA, Philippines—It may have dropped by nine spots, but the country’s “Doing Business 2015” rank is nothing but a “hiccup” as far as the government is concerned.

“We note the reasons for the drop and they are being addressed now but otherwise, according to (Trade) Sec. (Gregory) Domingo, ‘It is a hiccup in an otherwise improving trend,'” Presidential Spokesperson Edwin Lacierda said in a text message to media on Wednesday.

Trade Secretary Gregory L. Domingo: Incentives, not subsidies. INQUIRER FILE PHOTO

Trade Secretary Gregory L. Domingo. INQUIRER FILE PHOTO

The Philippines’ ranking in the “Doing Business 2015” dropped to 95, from 86 in last year’s report.

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Of the 10 topics surveyed, eight posted a drop in rankings while two remained the same.

Cited in the full report was the country’s deteriorating “trading across borders” system because of Manila’s truck ban. The Philippines’ ranking in protecting minority investors, starting a business, paying taxes, getting credit, resolving insolvency, dealing with construction permits and getting electricity all declined.

Last year, the Philippines was hailed as “most improved” in doing business, jumping from 138th spot to 108th. However, the World Bank adjusted its rankings based on data corrections and criteria, putting the country in 86th place last year and 95th this year.

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TAGS: doing business, economy, Edwin Lacierda, Philippines, ranking, truck ban, World Bank
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