Another survey another topic and another black mark against the Philippines.
CNBC named the Philippines in its number fourth spot for most difficult countries to do business in out of a list of 50. The list is generated from information on the World Banks 2011 report of “Ease of Doing Business,” which has 183 countries listed in it.
The rankings are based on everything from starting the business to permits,taxes and law as well as other factors. The Philippines is the lowest ranked Asian country listed and only received just 2.5% of the $76.5 billion available from the Association of South East Asian Nations for 2010.
“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 neighbours in economic growth,” CNBC said.
The main red flags came out as “Foreign businesses are wary of the Philippine’s unstable legal system, violence, and bureaucracy,” although highlighted President Aquino’s trips to the U.S., China and Japan as positive steps in improving relations after two previous administrations riddled with corruption allegations.