MANILA – The Philippines was ranked as the seventh best country in the world to invest in or do business for 2020, according to CEO Magazine.
In an article posted on its website https://www.theceomagazine.com/business/finance/countries-invest on April 29, the CEO Magazine said the Philippines got a total score of 81.5 based on the report released by CEOWORLD in February when some countries have already reported confirmed cases of the deadly coronavirus disease (Covid-19).
The CEOWORLD study analyzed 80 countries according to business and investment environments. Corruption, freedom, workforce, investor protection, infrastructure, taxes, quality of life, red tape and technological readiness were among the factors taken into consideration.
The Philippines scored high in terms of constitutional framework (94.9), education and research (94.8), market potential (92.8) and trade openness (91.3).
Economic stability (69.8), skilled labor force (64.61), and government policies (62.54) were also measured.
Singapore topped the list of most attractive nations for investors and business people followed by the UK, Poland, Indonesia and India.
Australia was in 6th place followed by the Philippines, the US, Malaysia and Czech Republic.
The United Arab Emirates, Germany, China, and Japan ranked 12th, 16th, 31st, and 32nd, respectively, 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 Philippine government has repeatedly attributed the country’s investor ranking to its hard-working workforce, inclusive growth momentum, stable monetary policy, strong anti-corruption drive, and an ambitious “Build, Build, Build” infrastructure program.
President Rodrigo Duterte has also assured that the country remains a safe place to invest in, vowing to ensure ease of doing business by fighting red tape and corruption.
He asked businessmen to immediately report to his office any bribery attempt or irregularity hounding their investments in the country.
CEOWORLD magazine ranks the world based on a variety of categories ranging from the world’s richest people to the top companies, top executives.
Since it first emerged in Wuhan, China in December last year, coronavirus has spread to 188 countries and infected 4.65 million people, according to a running tally by the US-based Johns Hopkins University.
The university’s data showed a total of 1,700,354 people won the battle against Covid-19 but 312,119 deaths were recorded.
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 Covid-19 pandemic.
It said the world trade is forecast to shrink by nearly 15 percent in 2020 amid sharply reduced global demand and disruptions of global supply chains.
The pandemic is also expected to cut global economic output by USD8.5 trillion over the next two years, the UN report added. (PNA)
