The report, if interpreted literally, could drive away a host of potential international investors to the country leaving untold number of missed opportunities for the Philippine economy to make a real difference in the lives of 94 million Filipinos.
On the other hand, the report simply reechoes the fact that many local governments are already hostile toward start-ups and the existing small and medium enterprises. The political tyranny of this century makes it doubly hard for Filipino entrepreneurs to achieve their fullest potentials.
Now according to World Bank, the cost of doing business in this country is one of the highest in Southeast Asia, adding there is little protection given to investors.
To underscore the darker side of the problem is that, according to World Bank, Vietnam and Indonesia, two less favorite countries before, fared better than the Philippines today. Among the factors evaluated are starting a business, registering property, dealing with construction permits, employing workers, enforcing contracts, protecting investors, and closing a business.
The survey showed that it would take 52 days and 15 different procedures to start a business in the Philippines, and with costs equivalent to 29.8 percent of the per capita national gross income.
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