The World Bank’s Doing Business 2020 report is out, and the Philippines improved as expected in the ‘Getting credit’ indicator in both score (from EODB score of 5.0 to 40.00) and ranking (from 184/190 economies to 132/190—increasing by 52 notches).
This followed requests for modification of last year’s data, for which TransUnion has contributed significantly.
In particular, the Philippines logged improvements in the ‘Depth of credit information’ index (7 out of 8) and ‘Credit bureau coverage’ (13.5 percent of the adult population) from previous scores of 0 and 2.7 percent.
‘The Strength of legal rights’ index and ‘Credit registry coverage’ scores remain the same at 1 and 0, respectively, as some reforms have not been considered in this cycle.
“Last year’s Doing Business survey results for the ‘Getting credit’ topic were disappointing and arguably not how the Philippines would like to be regarded. Across the industry, we’ve been working hard to come together and tell our story. TransUnion has worked closely with World Bank representatives, sharing high-level credit statistics that our data privacy laws allow. The Philippines has a lot to be proud of and TransUnion will always do everything in our power to reinforce our belief in Information for good,” said TransUnion Philippines president and CEO Pia Arellano.
The most improved economy in Southeast Asia, the Philippines earned an overall EODB rating of 62.8 and ranked 95th (previously at 124th).
Trade Secretary Ramon Lopez expressed approval that a more realistic assessment of the Philippines’ credit information ecosystem has been reflected in the World Bank report and acknowledged the contribution of TransUnion and other public and private sector members.
“May I take this opportunity to recognize our partners from both government and the business community who made the +29 notches possible. Congratulations for your dedication, patriotism, and hard work,” Lopez said. “In Getting credit—private sector organizations like TransUnion.”