PH competitiveness ranking jumps by 7 points to 52nd-A A +A
Wednesday, September 3, 2014
THE Philippines' ranking in the 2014-2015 Global Competitiveness Index (GCI) report of the World Economic Forum (WEF) has improved by seven points to 52nd out of 144 economies.
"(This) affirms that the Aquino administration's good governance programs have established the solid macroeconomic foundations upon which long-term inclusive growth may be attained," Presidential Communications Operations Office Secretary Herminio Coloma, Jr. said during a press briefing on Wednesday.
"This achievement indicates that the Philippines is well-poised to attain its objective of being in the top third (or rank 42nd) by 2016," Coloma added.
WEF said the Philippines' gain of 33 places since 2010 was the largest over that period among all countries studied.
"The results suggest that the reforms of the past four years have bolstered the country's economic fundamentals. The trends across most of the 12 pillars are positive, and in some cases truly remarkable," it said.
But compared with the other neighboring countries in the region, the Philippines was behind Singapore, which ranked 2nd; Malaysia, 20th; Thailand, 31st; and Indonesia, 34th.
The GCI measures the competitiveness of 144 economies based on more than 100 factors grouped into 12 pillars.
Coloma noted that the country has a good ranking in the following pillars: institutions (ranked 67th); business sophistication (46th); financial market development (49th); innovation (52nd); and government efficiency (69th).
The other pillars were macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, technological readiness, market size, and infrastructure.
However, the country's rating on infrastructure was considered poor, especially with respect to airport and seaport infrastructure.
"The government acknowledges that the biggest area of improvement is still infrastructure and this is being addressed with the launching of major projects that are being implemented by using the public-private partnerships mode," said Coloma. (SDR/Sunnex)