Ease of Doing Business Law to boost Number One rank of Philippines as investment site

Sen. Juan Miguel F. Zubiri, chairman of the Committee on Trade, Commerce & Entrepreneurship, welcomed the Business Insider report based on the World Bank research which cited the Philippines as the Number One investment site in the whole world for this year 2018. We surpassed countries that have been economic giants in terms of natural resources, trade partnerships and legislation.

The World Bank report said the Philippines got its Number One rank based on "four factors -- the country's people, environment, relationships, and framework -- that propel both individuals and corporations to invest in a given country's natural resources, markets, technologies, or brands." The media giant, US News, buttressed the WB report with its own survey of 21,000 people in 80 countries. The survey focused on eight out of 65 attributes, as follows: entrepreneurship, economic stability, favorable tax environment, innovation, skilled labor, technological expertise, dynamism, and corruption.

Zubiri said "the speedy work on the Ease of Doing Business law will further boost our chances to get the nod of investors. No less than the premier financial institution, World Bank, gave us the green light to travel the development path we chose towards inclusive growth & sustainable development to earn the developed country status. That is a branding that originated & now being echoed by the international business community itself."

"In that light, our government offices in charge of promoting trade and investment should also gear up. They should act their most proactive self by assuring that the promises we gave in the Ease of Doing Business Law will be delivered.

"This Number One ranking will benefit millions of jobseekers who are well-qualified to fill new openings in the new businesses that will soon open because of our status. Likewise, we should expect great expansions of ongoing businesses. Hopefully, we will never see the economic doldrums or jobless growth we have had years ago.

"I'm also very grateful that the Ease of Doing Business Law is well supported by Congress and just needs the signature of the President for us to realize its full benefits for our people."