Business environment in the Philippines worsened as it climbed seven notches to 30th out of 77 jurisdictions in the 2022 edition of the Global Business Complexity Index. Produced by the multinational professional services firm TMF Group, the index ranked jurisdictions around the globe based on the complexity of their business environments, covering three areas: accounting and tax; global entity management; and payroll and human resources. The higher the rank, the more complex its business environment. Among the 14 jurisdictions in the Asia-Pacific, the Philippines had the sixth most complex business environment with a “medium” complexity rating. It is likely to become more appealing to operate in and likely to introduce greater laws and regulations relating to economic substance requirements, the report said.