Thinking of doing business with Philippines Inc.?
Think again.
Investors would have second thoughts parking their money in a country where things hardly get done – that is if one doesn’t “come across” to facilitate transactions with the government.
Like we said earlier, the country never fails to make it on the “Worst of the World” list.
At least credit this poor excuse for a republic for its consistency
Our latest citation? Drum roll, please!
Hold your breath: The Philippines is the most difficult country in Asia to do business in, CNBC said in its listing this month of The World’s 10 Worst Countries for Business.
CNBC said its rankings were based on the World Bank’s Ease of Doing Business study, which rated the Philippines the fourth worst place in the world to do business.
The rankings also take into account 10 leading indicators, including the ease of starting a business, getting construction permits, paying taxes, and investor protection laws, it said.
The Philippines, the lowest ranked Asian country on the list, attracted only 2.5 percent of the $76.5 billion of foreign direct investment that flowed to the 10 members of the Association of Southeast Asian Nations in 2010, CNBC said.
“Despite having massive untapped mineral wealth, a key geographical location between Southeast and North Asia and a large, growing English-speaking population, the country has fallen behind its neighbors in economic growth. Foreign businesses are wary of the Philippine’s unstable legal system, violence, and bureaucracy,” a broadsheet quoted the cable business news network as saying.
“Its ease of doing business ranking from the World Bank fell a further two spots this year from 2010. The country also ranks among the lowest when it comes to starting a business, and resolving insolvency, with the latter taking more than five-and-a-half years, compared with an average one year and seven months in OECD [Organization for Economic Co-operation and Development] countries.”
In Asia, the Philippines’ ranking was worse than Indonesia’s and India’s.
Why are we not surprised anymore?
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