- Country ranks third in the survey conducted by strategy firm and Wharton School
- 4,000 decision makers participated in the poll
- Survey weighted on five attributes critical for an environment-friendly business
MANILA, Philippines — Business is more fun in the Philippines after all.
In the survey Best Countries To Start a Business which polled more than 4,000 decision makers and which was conducted by brand strategy firm BAV Consulting in partnership with the Wharton School of Pennsylvania, the country ranked third as one of the most business-friendly nations on the planet.
The survey measured the business climate of a country on five points: affordability, bureaucracy, cheap manufacturing costs, connectivity to the rest of the world, and easy access to capital.
According to the report, “starting a business in the Philippines takes about 29 days and costs 16.1 percent of the average income per capita” as estimated by the World Bank. It also notes that business processing takes slightly longer in the country compared to its regional neighbors as entrepreneurs have to comply with 16 independent procedures with more than half a dozen different agencies to get a permit.
As per the Philippine Business Registry, the report also states that three-fourths of the 320,000 business name registrations last year were done in person rather than online.
Despite its slower processing time, the Philippines still managed to rank third due to ranking high in the four other attributes of the survey.
Meanwhile, topping the list as the best country to start a business was Thailand, followed by Malaysia in second place.
Canada took the fourth spot, and China rounded out the Top Five with fifth place.
According to the report, Asian countries dominated the list because of perceived “low initial costs and streamline procedures” with regards to starting a business; making them attractive to investors.
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