Business Dynamics: The Philippines

March 2021

The Philippine business environment is still struggling with bureaucracy and erratic regulations, as well as inefficient logistics services. Nevertheless, the country offers some key labour market advantages compared to India, with a large market and stable economy adding to its attractiveness. Nevertheless, weak infrastructure and lower ICT adoption are the main challenges for business in the Philippines.

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Business Dynamics: The Philippines

HEADLINES

OPERATIONAL AND REGULATORY ENVIRONMENT

Despite strong improvement, starting a business and enforcing contracts remained key obstacles to higher business dynamism
Large and stable economy, supported by flexible labour market, is key competitive advantage
Stable fiscal health threatened by the pandemic induced challenges

FINANCING AND INVESTMENT

Manila stock exchange announces regulatory changes to increase competitiveness

SKILLS AND LABOUR

Skilled and flexible labour market is among the Philippines’ key strengths

TRANSPORT AND INFRASTRUCTURE

Feeble infrastructure and ineffective logistics prevent effective business operation

DIGITALISATION AND INNOVATION

Low ICT adoption is not enabling business to effectively use digital opportunities and limits digital consumer market growth

OPERATIONAL AND LEGAL ENVIRONMENT

Chart 1 Operational and Legal Environment Key Indicators Chart 2 Ease of Doing Business Ranking by Pillar Regional Comparison 2020 Chart 3 Ease of Doing Business Ranking Regional Comparison 2015-2020 Chart 4 Ease of Doing Business Indicators: Time Needed to Start/Close a Business 2020 Chart 5 Ease of Doing Business Indicators: Costs Incurred to Start and Operate a Business 2020 Chart 6 Tax Rates 2020 Chart 7 Insolvency Recovery Rate by Secured Creditors in the Philippines and Regional Comparison 2020 Chart 8 Global Competitiveness Ranking by Pillar in the Philippines and Regional Comparison 2019 Chart 9 Global Competitiveness Ranking for the Philippines and Regional Comparison 2014-2019 Chart 10 Global Competitiveness Index: Macroeconomic Stability Pillar for the Philippines and Regional Comparison 2014-2019 Chart 11 Index of Economic Freedom Ranking by Pillar in the Philippines and Regional Comparison 2020 Chart 12 Index of Economic Freedom Ranking Over Time 2015-2020 Chart 13 Index of Economic Freedom: Judicial Effectiveness Pillar Rank in the Philippines and Regional Comparison 2017-2020 Chart 14 Index of Economic Freedom: Government Integrity Pillar Rank in the Philippines and Regional Comparison 2015-2020 Chart 15 Number of New Businesses and Annual Real GDP Growth in the Philippines 2015-2020 Chart 16 New Business Density in the Philippines Compared to Regional Average 2015-2020 Chart 17 Operational Environment in the Philippines and Regional Comparison 2019 Chart 18 Corruption Perceptions Ranking: the Philippines and Regional Comparison 2014-2019

FINANCING AND INVESTMENTS

Chart 19 Key Financial and Investment Indicators Chart 20 Ease of Doing Business Ranking: Getting Credit Pillar for the Philippines and Regional Comparison 2015-2020 Chart 21 Soundness of Credit Information: Credit Bureau Coverage 2020 Chart 22 Global Competitiveness Ranking: Financial Systems Pillar for the Philippines and Regional Comparison 2014-2019 Chart 23 Ease of Doing Business Ranking: Protecting Minority Investors Pillar for the Philippines and Regional Comparison 2015-2020 Chart 24 Index of Economic Freedom: Property Rights Pillar Rank in the Philippines and Regional Comparison 2015-2020 Chart 25 Number of Companies Admitted to Listing on the Exchange and Market Capitalisation Dynamics 2015-2019 Chart 26 Stock Market Index in the Philippines and Selected Regional Countries 2015-2020 Chart 27 Stocks Traded as % of GDP in the Philippines and Selected Regional Economies 2014-2019 Chart 28 Bank Claims on the Private Sector as % of GDP 2015-2020

SKILLS AND LABOUR

Chart 29 Key Skills and Labour Indicators Chart 30 Global Competitiveness Ranking: Skills Pillar for the Philippines and Regional Comparison 2014-2019 Chart 31 Population Aged 15+ with Higher Education 2015-2020 Chart 32 Education Indicators 2020 Chart 33 Number of University Graduates by Programme 2020 Chart 34 Global Competitiveness Ranking: Labour Market Pillar for the Philippines and Regional Comparison 2014-2019 Chart 35 Employment by Age 2020 Chart 36 Employment by Gender 2020 Chart 37 Labour Structure Change over 2015-2020 Chart 38 Labour Structure Comparison 2020 Chart 39 Self Employed as % of Total Employed Population 2020 Chart 40 Index of Economic Freedom: Labour Pillar Rank in the Philippines and Regional Comparison 2015-2020 Chart 41 Minimum Wage per Hour over 2015-2020 Chart 42 Wage per Hour in Manufacturing Sector over 2015-2020 Chart 43 Labour Market Regulations in the Philippines and Regional Comparison Chart 44 Employment by Industry Sector 2020

TRANSPORT AND INFRASTRUCTURE

Chart 45 Key Infrastructure Indicators Chart 46 Logistics Performance Index Scores by Pillar in the Philippines and Regional Comparison 2020 Chart 47 Logistics Performance Index Ranking for the Philippines and Regional Comparison 2015-2020 Chart 48 Global Competitiveness Ranking: Product Pillar for the Philippines and Regional Comparison 2014-2019 Chart 49 Global Competitiveness Ranking: Infrastructure Pillar for the Philippines and Regional Comparison 2014-2019 Chart 50 Transportation Mode Indicators in the Philippines and Regional Comparison Chart 51 Road Infrastructure 2020 Chart 52 Ease of Doing Business Ranking: Trading Across Borders Pillar for the Philippines and Regional Comparison 2015-2020 Chart 53 Transaction Time for Trading Across Borders 2020 Chart 54 Costs of Trade Transactions Across Borders 2020 Chart 55 Global Competitiveness Ranking: Market Size Pillar for the Philippines and Regional Comparison 2014-2019

DIGITALISATION AND INNOVATION

Chart 56 Innovation and Digitalisation Key Indicators Chart 57 Network Readiness Ranking by Pillar in the Philippines and Regional Comparison 2020 Chart 58 Network Readiness Ranking for the Philippines and Regional Comparison 2019-2020 Chart 59 Network Readiness Ranking: Technology Pillar for the Philippines and Regional Comparison 2019-2020 Chart 60 Global Competitiveness Ranking: ICT Adoption Pillar for the Philippines and Regional Comparison 2014-2019 Chart 61 Business Digitalisation in the Philippines 2020 Chart 62 Global Competitiveness Index: Innovation Pillar for the Philippines and Regional Comparison 2014-2019

APPENDIX A

The World Bank’s Ease of Doing Business Index (Doing Business) 2020

APPENDIX B

The Global Competitive Index (GCI) 2019

APPENDIX C

The 2020 Index of Economic Freedom

APPENDIX D

The Logistics Performance Index (LPI) 2020

APPENDIX E

The Network Readiness Index (NRI) 2020
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