The United States has vowed to continue partnering with the Philippines in improving the latter’s business environment and attracting more investors to the country.
During the General Membership Meeting of the Makati Business Club on Tuesday, U.S. Ambassador to the Philippines Sung Y. Kim said the two countries can further engage in initiatives such as streamlining business regulations as well as commitment to ethical business and corporate governance to improve the business climate here.
Kim noted that the Philippines has taken leap in the Doing Business Report of the World Bank last year, in which the country moved up to 99th place from 104th place in its previous report.
Philippine ranking jumped 49 notches in the Doing Business Report since 2011.
Despite improvement in rankings, the envoy noted that the Philippines still lagged in ease of doing business pillars such as starting a business, getting credit, and resolving insolvency. These are the areas where the U.S. can further assist the Philippines, said Kim.
“We assure you that the United States continues to work with our partners in the Philippines,” he stated.
He added that the U.S. considers the Philippines as one of its most important partners in Asia.
Likewise, the U.S. is also one of the country’s top economic partners.
Kim noted that American companies are among the largest investors and employers in the country.
Seventy-percent of business process outsourcing (BPO) companies in the country are U.S.-based firms. The country’s largest electronic products manufacturer, Texas Instrument, is also an American company. One-third of overseas Filipinos remittances also came from the U.S.