WORLD BANK REPORT ON PHL WORRIES HOUSE PANEL
MANILA, OCTOBER 26, 2011 (STANDARD) by Christine F. Herrera - A HOUSE panel on Monday expressed alarm over the latest World Bank report saying that, a year and a half into the new administration, it had become harder and not easier to do business in the Philippines.
Bayan Muna Rep. Teddy Casiño, chairman of the House committee on small business and entrepreneurship development, cited the World Bank's latest Doing Business Report showing the Philippines has slipped two notches in the rankings this year, and to 136th among 183 economies, in "ease of doing business."
He said foreign investors were complaining about the difficulty of securing permits and paying taxes under the administration of President Benigno Aquino III.
Mr. Aquino promised to "level the playing field" in his inaugural address and said his administration would be investment-friendly.
But Casiño said the World Bank report revealed no significant improvement in seven important indicators: ease of starting a business, obtaining construction permits, getting credit, registering property, paying taxes, protecting investors, and resolving insolvency. It did not factor in corruption or security.
"If the foreigners who made up this survey are complaining, what more [of Filipino] entrepreneurs who have such a hard time doing business in their own country?" Casiño said.
As a result, his panel was now crafting laws that would make it easier for small businessmen to start a business.
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