Business group says 'no reason' for PH drop in World Bank rankings

ABS-CBN News

Posted at Nov 01 2018 03:58 PM

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MANILA -- There is "no reason" for the Philippines' steep drop in the World Bank's Ease of Doing Business ranking, a business group leader said Thursday.

Members of the Philippine Chamber of Commerce and Industry are telling potential investors that the country is "doing much better than before and we're seeing it from the ground up," said its chairman, George Barcelon.

"The business establishment is all surprised. There's no reason for the big drop, as a matter of fact we expect it to do better," Barcelon told ANC's Market Edge.

President Rodrigo Duterte's economic managers have written the Washington-based lender "demanding a correction" saying the some of the data used was "grossly inaccurate."

Barcelon said the recently signed Ease of Doing Business Law had begun to make government transactions faster.