The Philippines may not be the most amiable place for startup companies, ranking low in terms of economic health, business climate, and cost in a recent survey.
Among the said indicators, the Philippines ranked 12th in economic health, while placing 11th in business climate and 10th in cost of doing business.
The Manila Bulletin article noted that the country’s place in the business climate category was dragged down by “a lack of trust in public institutions, high unemployment, low GDP per capita, and high interest rates”, also faring poorly in internet access and bank penetration factors, the report added.
In terms of the ‘doing business’ category, the Philippines received the second lowest rank in terms of salary rate, Manila Bulletin pointed out.
Still, the country managed to place 5th in quality of labor force. For this metric, ValuePenguin said that secondary and tertiary education attainment rates were put into consideration.
Overall, the friendliest country for startups across the 12 nations surveyed is Singapore, followed by second-placers Hong Kong and Japan, and fourth-placer Malaysia, according to Manila Bulletin.
Story first appeared here.