The Philippines has remained “off” its target to break into the top third of global rankings by 2016, even as the country has been identified as the “most improved” economy in four important global competitiveness indices.
Guillermo Luz, co-chair for the private sector of the National Competitiveness Council, noted that from 2011 to 2014, the Philippines was the most improved country in the Ease of Doing Business Report, having leapfrogged 53 spots during the period; Transparency International’s Corruption Perception Index (up 49 notches); Heritage Foundation’s Economic Freedom Index (up 39 places); and the World Economic Forum’s Global Competitiveness Index (up 33 spots).
“Now for the reality check. While we have comfortably moved out of the bottom-third of most world rankings, we are still quite off from our target of moving into the top-third by 2016. On a global basis, and also within Asean, we are now around the middle of the pack. This reflects the challenge and the deep hole we had to climb out of,” he said.
The good news, he said, was the Philippines ranked modestly in four of 12 international competitiveness reports for 2015.
Luz noted that the Philippines rose eight spots in the Heritage Foundation’s Economic Freedom Index to rank 76th out of 178 economies; up two positions to 76th (out of 143) in WEF’s Global Information Technology Report; up 8 places to 74th (out of 141) in the WEF Travel and Tourism Report; and up one notch to 41st (out of 60) in the IMD World Competitiveness Yearbook.