The study put the Philippines at 140th place out of 181 countries, one of the lowest in Asia, officials of the World Bank and the International Finance Corp. (IFC) said.
Singapore was ranked number one, making it the easiest place in the world to do business, the "Doing Business 2009" report said.
Hong Kong was fourth, Thailand was at 13 and Malaysia at 20, the officials told reporters.
Among Asia-Pacific countries, the Philippines was behind Cambodia at 135 and only ahead of Laos at 165 and East Timor at 170. The average ranking for East Asia is 83.
Economist Rita Ramahalo, one of those who prepared the survey, said it measured how long it took to start a business, obtain construction permits, employ workers, register property and obtain credit.
In Singapore, it takes four days to start a business while in the Philippines, it takes 52 days, the study said.
Also measured were protection of investors, enforcement of contracts, trade across borders and payment of taxes.
Issues of macroeconomic policy, infrastructure, businessmen's perceptions and law and order were not considered as part of the annual survey.
Trade undersecretary Zenaida Maglaya said that the Philippines had actually fallen from its old ranking of 133 last year as more countries joined the study while others moved up in the rankings.
"Other economies took the doing of business much more seriously and they have done reforms," she said.
Bert Hofman, the country director of the World Bank, said that while the Philippines had taken steps to cut red tape and make it easier for business to operate, other countries were doing more.
"You have to keep running just to stay in the same place. You have stiff competition to live up to," he warned.