Due to simplified regulation, doing business in the Philippines is much easier today, with the Philippines up four places to 99th spot base on the ranking of the World Bank Group’s “Doing Business 2017: Equal Opportunity for All.”
World Bank Country Director Mara Warwick said this is because of changes in the Philippines such as online tax payments, simplifying business regulations and transparency building.
Warwick said this is important for the economy to ensure small and medium enterprises can flourish and create jobs for millions of Filipinos.
In the 2016 Doing Business report, the Philippines ranked 103rd among 189 economies. The country’s highest ranking in the annual report was in 2015 when it landed on the 95th spot. The country sank to 148th, its lowest rank, in 2010.
28 DAYS TO START BUSINESS IN THE PHILIPPINES
The World Bank said it takes 28 days to start a business in the Philippines, compared with 21 days on average at the global level.
Economies of the East Asia and Pacific region dominated the latest report, as five economies from the region landed in the top 10 economies.
Four other countries in the Association of Southeast Asian Nations (Asean) climbed in this year’s ranking.
(WATCH:Ranking ng Pilipinas sa pagnenegosyo, maaari pa umanong tumaas)
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Meanwhile, the Philippines remains one of the fastest growing economies in East Asia and the Pacific.
This is according to the report of World Bank despite the weak global economy.
The World Bank said in its Philippine Economic Update that the Philippine economy may surpass the forecasts if authorities can further ramp up spending on public infrastructure as planned.
Mara Warwick, World Bank Country Director for the Philippines has said that “macroeconomic stability puts the Philippines in a good position to accelerate inclusive growth that benefits all Filipinos.”
In line with this, the administration of President Rodrigo Duterte is planning to pursue comprehensive tax policy reforms as on of its priorities.
The objective is to make the country tax system more equitable, efficient, and competitive in the region.
This is according to the report of World Bank despite the weak global economy.
The World Bank said in its Philippine Economic Update that the Philippine economy may surpass the forecasts if authorities can further ramp up spending on public infrastructure as planned.
Mara Warwick, World Bank Country Director for the Philippines has said that “macroeconomic stability puts the Philippines in a good position to accelerate inclusive growth that benefits all Filipinos.”
In line with this, the administration of President Rodrigo Duterte is planning to pursue comprehensive tax policy reforms as on of its priorities.
The objective is to make the country tax system more equitable, efficient, and competitive in the region.
WATCH:6.9% GDP growth ng Pilipinas para sa 1st qtr ng 2016, mas mataas sa China
The WB added that domestic consumption will also support the economy with the three factors:
- Rising purchases from an expanding middle-class
- Remittances from overseas Filipino workers
- Expansion of jobs as a result of the growing economy
EFFECTS OF GROWING ECONOMY TO COMMON FILIPINOS
Increase in Gross Domestic Product (GDP). This is what economic growth is all about. It means, there is an increase in the value of national output and national expenditure.
The benefits of economic growth include:
1. Higher average incomes.
This means that the consumer will be able to enjoy more goods, services and much better standard of living.
2. Lower unemployment.
With higher output and positive economic growth, companies tend to employ more workers creating more jobs resulting to lowering unemployment.
3. Improved public services. With increasing tax revenues, government can spend more on public services such as health, education, infrastructure, etc
4. Lower government borrowing.
Economic growth creates higher tax revenues and there is less need to spend money on benefits such as unemployment benefit. Economic growth helps to reduce government borrowing. Economic growth also plays a role in reducing debt to GDP ratios.
5. Investment.
Economic growth encourages investment and therefore encourages a virtuous cycle of economic growth.
6. Environmental Protection.
With higher real GDP a society can devote more resources to promoting recycling and the use of renewable resources.
(SOURCES: http://www.bworldonline.com/, http://www.competitive.org.ph/, http://www.manilatimes.net/, http://mindanation.com/)
Increase in Gross Domestic Product (GDP). This is what economic growth is all about. It means, there is an increase in the value of national output and national expenditure.
The benefits of economic growth include:
1. Higher average incomes.
This means that the consumer will be able to enjoy more goods, services and much better standard of living.
2. Lower unemployment.
With higher output and positive economic growth, companies tend to employ more workers creating more jobs resulting to lowering unemployment.
3. Improved public services. With increasing tax revenues, government can spend more on public services such as health, education, infrastructure, etc
4. Lower government borrowing.
Economic growth creates higher tax revenues and there is less need to spend money on benefits such as unemployment benefit. Economic growth helps to reduce government borrowing. Economic growth also plays a role in reducing debt to GDP ratios.
5. Investment.
Economic growth encourages investment and therefore encourages a virtuous cycle of economic growth.
6. Environmental Protection.
With higher real GDP a society can devote more resources to promoting recycling and the use of renewable resources.
(SOURCES: http://www.bworldonline.com/, http://www.competitive.org.ph/, http://www.manilatimes.net/, http://mindanation.com/)
©2016 THOUGHTSKOTO
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