Filipino culture and economic malaise

Posted by kapenilattex on September 30, 2007 · Leave a Comment

The Doing Business 2008 report, an annual study conducted by the World Bank and International Finance Corporation, states that the Philippines ranked 133rd out of 178 economies surveyed in terms of ease of putting up and doing business in the country:

Regulations affecting 10 stages of a business life are measured from the perspective of the entrepreneur. The stages are: Starting a business, dealing with licenses, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.

According to the survey, the Philippines is lagging behind other Asian markets, including India (120th) and China (83th) whose phenomenal growth has made Asia the fastest growing region in the world. [Inquirer.net]

Any local businessman would affirm the findings of the study; the plethora of requirements and paperwork and the inefficiency of the bureaucracy will squeeze too much available capital and occupy too long a time that many entrepreneurs, including budding ones, consider quitting before day one.

It appears though, that it is even worse when one decides to close a business:

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