Philippine Trade Secretary Ramon Lopez speaks at an investment forum in Tokyo. Lopez is challenging Manila's decline in the World Bank's Ease of Doing Business report for 2018. Kim Kyung-Hoon, Reuters/File

MANILA -- The Philippines is "demanding a correction" from the World Bank because its inaccurate assessment on the ease of doing business in the country could be used as basis for investment decision, Trade Secretary Ramon Lopez said Thursday.

Manila wrote the World Bank late Wednesday asking for a correction. The Philippines should have ranked from 101st to 108th instead of 124th since it improved in 7 out of 10 indicators under the Ease of Doing Business survey, Lopez said.

The Washington-based lender, which has an office in Manila, has not responded, he said.

The Philippines' ranking in a similar World Economic Forum study just 2 weeks ago improved 12 notches to 56th place from 68th, Lopez told ANC's Market Edge.

"We are demanding a correction," said Lopez, who also chairs the National Competitiveness Council.

"This is very important because this survey is the basis of many decision making being done by the investing community. It is important for us and it is important for the World Bank to make such a correction," he said.

Lopez blamed the Philippines decline in the World Bank rankings to the smaller data set used to assess the country's credit base.