January 29, 2013

Philippines Jumps 10 spots in Global Competitiveness Report 2012-2013


Released in September 2012, the Philippines jumped 10 spots in Global Competitiveness Report from no. 75 to no. 65 out of 144 economies in the world economic forum. This is the second consecutive year for the Philippines to gain double digits since 2011 and it's one of 15 economies to have this kind of ranking increase according to Makati Business Club chairman Ramon del Rosario Jr.

he said “Ranked 65th, the Philippines is one of the countries showing the most improvement in this year’s edition,” said the report. “Indeed, it has advanced 22 places since reaching its lowest mark in 2009. The Philippines makes important strides this year in improving competitiveness—albeit often from a very low base—especially with respect to its public institutions (94th, up 23 places).”

“Trust in politicians has made considerable progress (95th, up 33), although significant room for improvement remains,” the report further added. “The perception is that corruption (108th, up 11) and red tape (108, up 18) are finally being addressed decisively, even though they remain pervasive. The macroeconomic environment also exhibits marked improvement (36th, up 18) and represents one of the strongest aspects of the Philippines’ performance, along with the market size pillar (35th). In addition, the financial sector has become more efficient and increasingly supportive of business activity (58th, up 13),” he added.

“Trust in politicians has made considerable progress (95th, up 33), although significant room for improvement remains,” the report further added. “The perception is that corruption (108th, up 11) and red tape (108, up 18) are finally being addressed decisively, even though they remain pervasive. The macroeconomic environment also exhibits marked improvement (36th, up 18) and represents one of the strongest aspects of the Philippines’ performance, along with the market size pillar (35th). In addition, the financial sector has become more efficient and increasingly supportive of business activity (58th, up 13).”

however, according to del Rosario's report, in spite of having a good performance in the global competitiveness report, there are still many aspects in the economy that need to fixed. To point out some, air and sea transport respect only improved a little and still very close to nothing.

Find more comprehensive Global Competitiveness Report here