MANILA — The 2014 Global Competitiveness Report released by the World Economic Forum (WEF) on Wednesday showed the Philippines moving seven notches higher.
“The results suggest that the reforms of the past 4 years have bolstered the country’s economic fundamentals,” said WEF in the report.
The country placed 52nd out of 144 economies, moving from 59th place in 2013. Since 2010, the country has increased ranking by 33 places, the highest over the period compared with all the countries in the study.
There were 12 categories used as basis in survey, and these include institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.
The results in the country according to the WEF, “The trends across most of the 12 pillars are positive, and in some cases, truly remarkable.”
WEF added that the Philippines continue to lag behind its ASEAN 5 peers in terms of competitiveness.
In terms of institutions, the country has leaped 50 places since 2010. Currently, the country’s rank is at 67th. WEF noted that the efforts of the Philippines against corruption is starting to show.
Moreover, “the recent success of the government in tackling some of the most pressing structural issues provides evidence that bold reforms can yield positive results relatively quickly.”
Aside from that, the country also saw significant advances in technological adoption (69th). It is closely behind Malaysia and Thailand which are at 60thand 65th places, respectively.
Some areas which the country needs to improve on is in its infrastructure, especially the airports and seaports. Also progress is needed in the labor market category, and of course security in terms of terrorism threat in businesses.
According to the Palace, the WEF report shows that the country is now “more open for business.”
“This latest measurement of the country’s competitiveness is another demonstration that the Philippines is indeed more open for business than ever before: in our region, for example, the Philippines is considered one of the brightest spots, and is the second fastest growing economy among major Asian countries for the second quarter, tied with Malaysia,” said Presidential Spokesperson Edwin Lacierda.
Lacierda added, “This has been made possible by the Filipino people who, imbued with a positive, can-do attitude, are going from strength to strength in terms of governance and the economy.”