MANILA, Philippines –Forbes latest listing of viable countries to do business included the Philippines in the top one hundred. In the annual 100 Best Countries for Business list of the popular American business magazine, the country ranked 87th making clear statement that the present administration’s campaign on good governance and its crack down on bureaucratic red tape is making headway.
The Top Ten is dominated New Zealand and other G-8 countries like Canada (No. 5) United Kingdom (10). Denmark got 2nd spot in the coveted list; Ireland landed 6th and Sweden 7th while, Norway and Finland got 8thand 9th. Asian powerhouse economies—Hong Kong, and Singapore, placed 3rd and 4th respectively.
From No. 2 last year, New Zealand rose to the top spot this year because according to Forbes it has a “transparent and stable business climate that encourages entrepreneurship”.
“New Zealand is the smallest economy in our top 10 at $162 billion, but it ranks first in four of the 11 metrics we examined, including personal freedom and investor protection, as well as a lack of red tape and corruption, ” Forbes added.
While continuing its downward streak this year is the U.S., which ranked 12th, down from last year’s 10th spot. It trails behind fellow G-8 Australia which landed on the 11th spot.
In the 2009 the US placed second and it standing has been in a steady decline since.
Forbes came out with the list after grading 141 nations on 11 different factors: freedom (personal, trade and monetary), property rights, technology, innovation, taxes, corruption, red tape, investor protection and stock market performance.
It also considered research and published reports from the following organizations: International, World Bank, the Central Intelligence Agency, Freedom House, Property Rights Alliance, Heritage Foundation, Transparency and World Economic Forum