Doing business 2004-2020

 I reviewed the resource provided and the country that captured my interest in building my own business is the Philippines. I am a Filipino and I lived in a developing country named the Philippines, building a business in a developing country is an advantage for any entrepreneur because competition is not as tight as the first-class countries.

Based on the analysis and scoring provided by “The World Bank”, the country has increased its score on the “starting a business” category, this means that investors and entrepreneurs are likely to start business in the country. The trust rating to build or start a business in the country has improved by just looking at how it is being scored on the “starting a business” category.

The country’s increasing score on “Dealing with Construction Permits” category implies that there were improvements on the processes which could mean a better, efficient and trusted process. While I know that it is hard to work on the paper works especially when it is related to building a new business venture, this increase is good news not only us – start-up entrepreneurs, but also to the investors who wanted to engage into putting money into the businesses in the country whether global or local companies.

While the paper works process is becoming easy, the environmental issues in the country has caused a decrease on its scoring on “Getting Electricity” category and this could be a challenge for new business ventures especially for those whom electricity is required – modern world requires technologies that uses electricity – this issue must be considered prior to starting a business venture.

The plateau score on “Registering Property”, “Getting Credit”, “Trading across Borders” and “Enforcing Contracts” is an indicator that the government needs to focus on improving these categories; however, as an entrepreneur, this should be the least of the concern as there are business in the country that are rapidly growing even for the fact that these categories were not improving.

It wouldn’t be a challenge for entrepreneurs like us to start a business because the country has a huge leap on its scoring for “Protecting Minority Investors”, this means that we can easily attract local and foreign investors because the country has multiple policies implemented focusing on protecting the investors. Therefore, the trust rating of investors will for sure, increase because of this huge movement to the country’s scoring on “Protecting Minority Investors” category.

Therefore, I conclude that the Philippines would be a great choice for building our own business because of the increasing overall performance of its economy. While these categories were increasing and building trust to investors and entrepreneurs, few things that I believe the factors that we can consider are; the labor cost in the country is relatively low as compared to the other countries, the flexibility and dedication of Filipino workers will be an asset to the business and the fact that this is a developing country – pioneering businesses in the Philippines will definitely bring the company to success because of less competition.

Reference:

The World Bank. (n.d.). Doing business 2004-2020. https://archive.doingbusiness.org/en/doingbusiness