Last year, the country was on the 75th spot, which also represented a 10-notch leap from its dismal 85th ranking in 2010.
The WEF 2012-2013 Global Competitiveness Report, released this week, said that the country is one of few that registered double-digit improvement ranking during the period.
The Philippines, according to the report, registered an overall score of 4.23 points out of a total of 7 points across all categories considered by business as major areas contributing to competitiveness.
The WEF Survey taps businesses all over the world to grade countries according to the following factors or “pillars”: government institution, infrastructure, macroeconomic environment, health and primary education, higher education and training , good market efficiency, labor maket efficiency, financial market development, technological readiness, market siz, business sophistication and innovation.
Improvements were registered in seven of 11 pillars.
Highest gains were posted in the government institutions category where we jumped 23 places, macroeconomic environment (18 places) , innovation (14 places) , labor market efficiency (10 places) , business sophistication (8 places), financial market development (13 places) infrastructure (seven places) and higher education and training (7 places).
Despite these gains, Makati Business Club chair Ramon del Rosario, Jr. cautioned a lot of work still needs to be done to assure the country would climb to the upper third of the list by 2016. These include significant improvements in infrastructure development, especially in air and water transport and labor market efficiency.
Nonetheless the Philippines still lagged behind its better-performing neighbors in the region, including Hong Kong (ranked 19th), Taiwan (13th), South Korea (19th). Malaysia (25th), China (29th), Thailand (38th), Indonesia (50th), and India(59th).
Meanwhile, Malacanang welcomed the news of the country’s improved competitiveness and attributed it to the resurgence of the people’s trust in the present leadership. Presidential Spokesperson Edwin Lacierda said it was a confirmation of “the success of the reforms which we continue to implement and foster.”
Singapore is the highest ranked of Asian countries as it has been for many years. Switzerland was again on top of the all-country ranking.
Photo: from profilemanpower.com