August 25, 2009
By: Bernadette E. Tamayo
SEN. Edgardo Angara is saddened by a recent study by the World Bank and International Finance Corp. that it is easier to open business in Cambodia than in the Philippines.
The WB and IFC report said it would take only four days to start a business in Singapore, while in the Philippines it takes 52 days. The study also put the Philippines at 140th out of 181 countries on the ease of doing business.
“Our country, one of the lowest-ranked in the region, was behind Cambodia at 135 and only ahead of Laos at 165 and East Timor at 170. The average ranking for East Asia is 83,” Angara said.
Angara said the country should improve its business environment by eliminating “red tape” amid the global economic crisis affecting job creation and investment generation efforts. “Starting a business in the country takes an average of 18 procedures, 11 of which are required nationally and seven by local governments,” he said.
He noted that the IFC report, entitled Doing Business 2009, took into account the laws, rules and regulations that enhance or impede business activities.
Aside from cutting the time it takes to set up a business, Angara said it is also important to provide necessary infrastructure and human capital development.
By: Bernadette E. Tamayo
SEN. Edgardo Angara is saddened by a recent study by the World Bank and International Finance Corp. that it is easier to open business in Cambodia than in the Philippines.
The WB and IFC report said it would take only four days to start a business in Singapore, while in the Philippines it takes 52 days. The study also put the Philippines at 140th out of 181 countries on the ease of doing business.
“Our country, one of the lowest-ranked in the region, was behind Cambodia at 135 and only ahead of Laos at 165 and East Timor at 170. The average ranking for East Asia is 83,” Angara said.
Angara said the country should improve its business environment by eliminating “red tape” amid the global economic crisis affecting job creation and investment generation efforts. “Starting a business in the country takes an average of 18 procedures, 11 of which are required nationally and seven by local governments,” he said.
He noted that the IFC report, entitled Doing Business 2009, took into account the laws, rules and regulations that enhance or impede business activities.
Aside from cutting the time it takes to set up a business, Angara said it is also important to provide necessary infrastructure and human capital development.