MANILA - The Philippines should further shorten the time it takes to start a business in the country to lure more foreign investors, a business advisory group said Friday.
Making business registration faster is a "low hanging fruit" that the Philippines can work on easily, said Gil Gonzales, Executive Director of ASEAN Business Advisory Council.
"We are still trying to work out these bottlenecks,” Gonzales said.
The country slipped to 113th from 99th in the World Bank's most recent survey on the ease of doing business.
Processing time for business permits should be cut in half at least, Gonzales said.
"LGUs are the reason why things are so slow, but I'm excited in a way that digitalization will speed it up," said ASEAN BAC chairman and Presidential Adviser on Entrepreneurship Joey Concepcion
Faster business processing will move goods faster, he said.