MANILA (AP) - The World Bank urged the Philippines on Wednesday to speed up reforms meant to ease business transactions in the country to attract more investment.
The Philippines slipped to 133rd in the World Bank's annual "Doing Business" survey that examines business regulations and reforms in 178 economies. Last year, the Philippines ranked 130.
In Southeast Asia, the Philippines is only ahead of Cambodia, Laos and East Timor. Indonesia overtook the Philippines this year as it climbed to 123 from 135.
Overall, Singapore was ranked as the most business-friendly country, followed by New Zealand and the United States.
The report was meant to pinpoint to policymakers areas of reform and design a reform agenda, Jesse Ang, acting country manager for the International Finance Corporation, the World Bank's private lending arm, said in a statement.
"In the Philippines' case, the challenges have been identified and reforms are starting to be implemented," Ang said. "Through more strategic and focused implementation, the Philippines can quickly lower the cost of doing business and attract more private sector capital."
World Bank acting country director Maryse Gautier said hastening reforms will allow the Philippines to raise its investment rate from 15 percent of gross domestic product to 20 percent, the level enjoyed by its regional peers.
"Raising investment is important not just for sustaining growth but for generating more jobs to get many more Filipinos out of poverty," Gautier said.