World Bank Cites RP's Investment Regulatory Reforms

Manila Bulletin, September 17, 2005 | Go to article overview

World Bank Cites RP's Investment Regulatory Reforms


Byline: EDU H. LOPEZ

The World Bank has cited the Philippines' regulatory reforms that could have far-reaching effects in attracting investments and creating more jobs.

The Philippines introduced online business registration, and Vietnam established electronic name verification, cutting one week off the time to start a business.

In its annual report entitled, Doing Business in 2006, the World Bank and the International Finance Corporation, noted that Vietnam was cited as the number 3 reformer in the past year, with reforms in the company registry, a new bankruptcy law, and measures to streamline contract enforcement and reduce the costs to register property.

Indonesia and the Philippines were also cited for the reforms in several areas of business regulation.

Other notable reforms in East Asian countries in the past year, cited in the study, including the Philippines were:

Many economies improved their regulations for protecting investors, including Hong Kong (China), Indonesia, Korea, Malaysia, Thailand, Philippines, and Vietnam.

China, Fiji, Philippines, and Timor-Leste streamlined administrative barriers to trading. Upgrades to the ports in Shanghai cut loading times by twothirds.

Fiji introduced electronic filing of customs documents. The Philippines completed its phase-out of compulsory preshipment inspections. Timor-Leste introduced risk-based customs inspections.

Cambodia has reduced registration fees and reduced the minimum capital required to start a business.

Indonesia and Vietnam introduced new bankruptcy laws that clarified rules for closing insolvent businesses and reorganizing viable businesses.

The Philippines and Vietnam had accelerated contract enforcement by setting time limits on court judgments.

The report also points to some of the areas where the Philippines can improve to realize its potential for higher levels of investment:

It takes 23 steps and 197 days to complete the licensing and permit requirements for ongoing operations in Philippines. …

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