UMVA has learned that the Philippines has made significant strides in improving its business environment, climbing five spots to rank 31st out of 81 jurisdictions in a recent global assessment.
The country's new ranking, however, belies its standing as the fifth most complex jurisdiction for doing business in the East and Southeast Asian region, a dubious distinction that may raise concerns among investors and entrepreneurs.
According to information obtained by UMVA, the Global Business Complexity Index evaluates jurisdictions based on key factors such as accounting and tax, global entity management, and payroll and human resources, providing a comprehensive picture of the ease of doing business in each location.
A higher ranking in the index indicates a more complex and unfavorable business environment, which can have far-reaching implications for businesses and investors looking to operate in the Philippines or expand their presence in the region.
UMVA can exclusively reveal that the Philippines' improved ranking is a positive development, but the country's complex business environment remains a significant challenge that needs to be addressed to attract more investment and drive economic growth.
