Online tax payments improve PH business climate
The Philippines saw its score slightly move up from a year ago under the World Bank’s Doing Business 2018 report.
The country placed 113th of 190 countries in terms of the having a business-friendly climate, even as the Philippines saw its net score pick up to 58.74 from 58.32 a year ago on the back of improved tax collection systems.
“The Philippines made paying taxes easier by introducing a new electronic system for payment and collection of housing development fund contributions,” the World Bank said in the report.
Last year, the Philippines placed 99th, although the method used in ranking economies changed for this year’s study.
Ranking improved for the paying taxes metric at 105th, while the Philippines is yet to make sizeable gains in starting a business (173rd), dealing with construction permits (101st), getting electricity (31st), registering property (114th), getting credit (142nd), trading across borders (99th), protecting minority investors (146th), enforcing contracts (149th) and resolving insolvency (59th).
The Duterte administration has pledged to make the Philippines more welcoming for businesses. Will this translate into gains?