The National Competitiveness Council and the Trade Department downgraded their 2022 target for improving the business climate, after the country’s ranking in the World Bank’s ease of doing business report slid this year. The government now aims for the 38th rank among 190 economies by 2022, down from the previous ambitious target of 20th spot by 2020. Trade Secretary Ramon Lopez said the government would strive to make the Philippines in the top 20 percent of the countries actively pursuing ease of doing business. The World Bank recently published the 2018 EODB report where the Philippines’ score improved marginally to 58.74 this year from 58.32 in the previous year but dropped 14 notches from 99th to 113th this year. The Philippines’ ranking in the “paying taxes” indicator improved as a result of the Home Development Mutual Fund and Philippine Health Insurance Corp. setting up online electronic payments systems.

Source: The Standard November 02, 2017 13:52 UTC