In the latest results of the Global Competitiveness Index released by the World Economic Forum (WEF), the Philippines jumped seven notches to 52th place from 59th last year.
It is is now ranked 5th of nine in the ASEAN and is at the cusp of breaking into the top third of global rankings. The country recorded the largest gain in ASEAN this year.
The 2014 results showed that the Philippines moved up in 10 out of 12 categories of the index. Its strongest performing areas were Macroeconomic Environment (up 14 from 40th to 26th); Business Sophistication (up 3 from 49th to 46th); Innovation (up 17, from 69th to 52nd); Higher Education and Training (up 3 from 67th to 64th); Institutions (up 12, from 79th to 67th); and Technological Readiness (up 8, from 77th to 69th).
Citing the country’s gains of a total of 33 places from 85th in 2010, Guillermo Luz, Private Sector Co-Chairman of the National Competitiveness Council (NCC) said this latest report brings the country closer to its goal of moving from the bottom-third of world rankings in 2010 to the top-third by 2016, given the sustained upward trajectory in the following years.
“The report gives us a good diagnostic tool for identifying our strengths and weaknesses. Over the next two years, we will be focusing on the areas which require urgent attention such as Infrastructure and Primary Health and Education, and others,” Luz said.
During the World Economic Forum on East Asia held in Manila last May, WEF Founder and Executive Chairman Klaus Schwab cited the progress the country has made on so many parameters of competitiveness and was impressed by reforms that have been achieved and will be achieved. John Pang, Chairman of the WEF Global Advisory Council on Southeast Asia, added, “There’s a very strong sense that the Philippines is on track. It’s back and there’s a lot to look forward to.”
The Global Competitiveness Report is an annual publication that provides a comprehensive picture of the productivity and competitiveness of a country by gathering statistical and survey data on over 100 factors grouped into 12 pillars or categories. It is one of the most widely read competitiveness reports and is highly correlated to investment attractiveness.