A one percentage point drop in the ranking of the Philippines in this year’s World Competitiveness Yearbook (WCY) ranking from 41st to 42nd among 61 economies would not create a dent in prospects for the coming year in view of the marked improvements in business efficiency and infrastructure, Communications Secretary Herminio Coloma Jr. said on Tuesday, May 31.
“We note the WCY report stated the Philippines registered marked improvements in business efficiency and infrastructure and remained stable in government efficiency, while the country’s workforce emerged as the economy’s most attractive feature,” Coloma cited.
“The country’s ranking remains stable and resilient in the face of a general decline among most Asian economies, such as Malaysia, Indonesia, Taiwan and mainland China,” he further noted.
In the latest WCY rankings of the International Institute of Management Development (IMD), the Philippines ranked 12th among 14 countries in the Asia-Pacific and 42nd, one notch lower than last year’s ranking among 61 economies.
The report was based on 342 criteria clustered under four broad categories — economic performance, government efficiency, business efficiency and infrastructure.
Coloma noted that during the last six years, the Philippines has made “significant gains in its WCY, surging by more than 43 places from 85th place in 2010, buoyed largely by the social and economic reforms anchored on good governance that President Aquino has instituted during his term.”
He said the Aquino administration will be turning over a stronger and more competitive economy to the Duterte administration.
“As the Aquino administration prepares to step down from power, we prepare to step down, we shall pass on a stronger, more competitive and broad-based and inclusive economy to the next administration,” Coloma said.
In the WCY, Hong Kong topped the rankings (from second in 2015), followed by Switzerland (from fourth in 2015), and the United States, which dropped from first place.
The IMD World Competitiveness Yearbook is the leading annual report on the competitiveness of nations and has been published by IMD since 1989. It benchmarks the performance of 61 countries based on more than 340 criteria measuring different facets of competitiveness.