The World Bank said Tuesday that the Philippines was among the top 10 economies making the biggest improvement in business regulation in the past year.
The Philippines went up by 30 notches from 138 to 108, more than any other country out of 189 economies that "Doing Business" measured, said Motoo Konishi, World Bank Philippines Country Director, during the launch of the Doing Business 2014 in Manila.
"The Philippines is one of the top reformers globally...this is the first major improvement for the Philippines in the Doing Business ranking since the report started 11 years ago," he said, citing that the change was a result of a concerted effort by the government in close consultation and partnership with the private sector.
The World Bank attributed the huge improvement in the country's ranking to the Philippine government's implementation of regulatory reforms in three areas.
These include the introduction of a fully operational online filing and payment system which made tax compliance easier for companies; simplified occupancy clearances, which eased construction permitting; and new regulations guarantee borrowers' right to access their data in the country's largest credit bureau.
Singapore remained as the world's most business-friendly regulatory environment for local entrepreneurs, followed by Hong Kong, China, the World Bank said.
Also on the list of the 10 economies with the most business- friendly regulations this year were New Zealand, the United States, Denmark, Malaysia, the Republic of Korea, Georgia, Norway, and the United Kingdom, it added.