The Philippines has been dubbed as the best country to invest in, as released by US News and World Report.
According to its website, Best Countries is a rankings, news, and analysis project created to capture how countries are perceived on a global scale.
The rankings evaluate 80 countries across 24 rankings drawn from a survey of more than 21,000 global citizens, measuring 75 dimensions that have the potential to drive trade, travel and investment and directly affect national economies.
The Philippines was ranked first in terms of “Best Countries to Invest In,” although overall, the Philippines ranked 49th in the study.
“The Best Countries to Invest In are ranked based on scores primarily from more than 6,000 business decision makers on a compilation of eight equally weighted country attributes,” the website said.
The rank is 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.
Carlos Dominguez III, finance secretary, said this is a result of “team effort.”
“Among the reasons could be: a young and hardworking workforce, an excellent inclusive growth momentum, an expanding middle class, politically stable environment, strong and popular leadership, fiscal discipline, stable Monetary policy, membership in Asean, an achievable infrastructure program, a strong anti-corruption drive, (and) improved revenue collection,” Dominguez said.
The US News pointed out in its website that the Philippines has long been plagued by political instability, but “its resilient economy continues to improve and push ahead of others in the region.”
Sen. Juan Miguel Zubiri, chairman of the Committee on Trade, Commerce & Entrepreneurship, said the passage of the Ease of Doing Business bill would boost the number one rank of the Philippines as an investment site.
Zubiri welcomed the Business Insider report which was based on a World Bank (WB) research.
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.
“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 and sustainable development to earn the developed country status. That is a branding that originated and now being echoed by the international business community itself,” Zubiri said.
Zubiri said this number one ranking will benefit millions of jobseekers who are well-qualified to fill new openings in the new businesses.
The Ease of Doing Business bill awaits the signature of the President to become a law.