The Philippines ranked 89th out of 139 nations in Forbes magazine’s latest list of Best Countries for Business, a drop from last year’s ranking of 84. This marks the second year in a row where the Philippines took a dip in rankings.
Of the 11 indicators used by Forbes to determine the rankings, the Philippines suffered substantial declines in technology, corruption, monetary freedom, market performance and innovation compared to the previous year. However, it recorded gains in trade freedom and tax burden.
The Philippines' lower ranking in the Forbes country list comes amid growing unease among some segments of the international community over the mounting casualties resulting from President Rodrigo Duterte's campaign against suspected drug dealers and users. However, the bloody anti-drug war is widely supported by Filipinos, according to polls. Forbes recently ranked Duterte the 70th most powerful person in the world.
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Compared to its ASEAN neighbors, the Philippines was one of the few that fared worse this year. Indonesia, which ranked below the Philippines last year, regained its lead as it climbed to the 73rd spot. Vietnam became part of the top 100 for the first time since 2011, ranking at 98.
This year’s list marks the eleventh time Forbes has ranked countries according to business friendliness. To determine which countries are best for business, Forbes pooled data from reports made by the World Bank, the World Economic Forum and more.
Sweden, home to well-known brands such as IKEA, Volvo, Ericsson and H&M, took the top spot as the best country for business this year, dislodging Denmark.