MANILA,Philippines – The Palace
announced on Wednesday that the Philippines moved seven notches higher in the
World Economic Forum's (WEF) Global Competitiveness Index 2014-2015.
The Philippines is now ranked 52nd
out of 144 economies this year, up from its 59th spot among 148 countries in
2013.
The Philippines has advanced to
rank 52nd (out of 140 countries) from the 59th place last year.
“This achievement indicates that
the Philippines is well-poised to attain its objective of being in the top
third (or rank 42nd) by 2016,” Presidential Communications Operations Office
Secretary Herminio Coloma, Jr. said.
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), Coloma added.
According to the released GCI
report of the WEF, “The country’s gain of 33 places since 2010 is 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.”
"The country is one of the
best digitally connected developing Asian nations, close behind Malaysia (60th)
and Thailand (65th)," the WEF reported.
“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. (PNA)
