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Palace: Improved WEF ranking means PH more open for business

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Palace: Improved WEF ranking means PH more open for business

/ 12:33 PM September 03, 2014
wef global ranking 2014-2015

Screengrab from http://www.weforum.org/

MANILA, Philippines – The latest jump in the country’s competitiveness ranking proves that the country is ready to take in more businesses and investments, Malacañang said Wednesday.

“Coming on the heels of the successful WEF (World Economic Forum) on East Asia in Manila last May, this latest measurement of the country’s competitiveness is another demonstration that the Philippines is indeed more open for business than ever before,” Presidential Spokesperson Edwin Lacierda said, in reaction to the WEF Global Competitiveness Report that showed the Philippines climbing seven places to rank 52.

“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,” he added.

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Lacierda pointed out that since President Benigno Aquino III assumed office in 2010, the Philippines’ competitiveness ranking rose 33 places from rank 85.

“This achievement indicates that the Philippines is well-poised to attain its objective of being in the top third (or rank 42) by 2016,” Communications Secretary Herminio Coloma Jr. said in a separate statement.

Lacierda noted that the improvements were in the realm of the macroeconomic environment and institutions, as well as ethics and corruption.

“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,” Lacierda explained.

He also thanked the National Competitiveness Council, which he said “played an important role in challenging all sectors, public and private, to work together to achieve dynamism, inclusivity, and sustainability in our economic growth.”

Coloma, on the other hand, said the government continues to address the need to improve infrastructure.

“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,” he said during a press briefing.
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TAGS: Business, economy, Edwin Lacierda, global competitiveness, Sonny Coloma, world economic forum
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