According to CEO Magazine, the Philippines ranks as the 7th best country in the world to invest in or do business for 2020.
In an article on CEO Magazine’s website, on April 29, the Philippines scored 81.5 based on their report findings released back in February—a time when several countries were already reporting confirmed cases of the novel coronavirus.
The report, which analyzed 80 countries in terms of business and investment environments. Corruption, freedom, workforce, investor protection, infrastructure, taxes, quality of life, red tape and technological readiness were also among the several factors that were taken into consideration.
The Philippines had high marks in terms of:
1) Constitutional framework (94.9)
2) Education and research (94.8)
3) Market potential (92.8)
4) Trade openness (91.3)
Also measured were:
1) Economic stability (69.8)
2) Skilled labor force (64.61)
3) Government policies (62.54)
The top 10 list of most appealing nations for the investors and business community in the report are:
2) United Kingdom
8) United States
10) Czech Republic
The United Arab Emirates ranked 12th, Germany at 16th, China at 31, and Japan at 32nd among the world’s best countries to invest in or do business this year.
“The UK was ranked second followed by Poland, Indonesia and India; however, it’s important to note the results do not take into consideration the current pandemic and any effects the health crisis may have on the economy,” the CEO Magazine article said.
The Government of the Philippines attributes the country’s top 10 investor ranking to its hard-working workforce, inclusive growth momentum, stable monetary policy, strong anti-corruption drive, and the ambitious “Build, Build, Build” infrastructure program.
President Rodrigo Duterte has also assured that the country remains a safe place to invest in having devoted to ensure the ease of doing business by cracking down on red tape and corruption. And has continuously exclaimed to the business community to immediately report to his office any bribery attempt or irregularity hounding their investments in the country.
According to the United Nations World Economic Situation and Prospects (WESP) mid-2020 report, the global economy is projected to contract by 3.2 percent this year due to the COVID-19 global pandemic. Reporting that world trade is projected to shrink by nearly 15% this year amid significantly reduced global demand and disruptions of global supply chains. Further added in the UN’s report was that the pandemic will cut global economic output by upwards of USD8.5 trillion over the next two years.