THE PHILIPPINES jumped 17 notches in the Global Innovation Index (GII) 2015 and was ranked the 83rd most innovative economy out of 141 economies surveyed this year.
The GII 2015 showed that the Philippines advanced in four of the seven main indicators, namely institutions; infrastructure; business sophistication; and knowledge and technology outputs.
The country, however, slipped in terms of market sophistication; human capital and research; and creative output.
Results of the survey showed that the Philippines had significant improvements in the business sophistication indicator as it ranked 81st from its 113th place last year, as well as in the infrastructure indicator wherein the country rose to 83rd place from 94th last year.
The country also performed well under the institutions indicator, with its ranking rising six notches to 102nd from 108th in the GII 2014; and under the knowledge and technology outputs indicator, to 53rd place from 68th last year.
As for the market sophistication indicator, which measures the ease of getting credit, ease of protecting investors, market capitalization and trade and competition, the Philippines declined to 101st from 93rd place last year.
The country’s ranking under human capital and research, and creative output, similarly fell to 123rd and 101st, respectively.
The Global Innovation Index is an annual publication of a composite indicator that ranked countries/economies in terms of their enabling environment to innovation and their innovation outputs.
It is published by Cornell University, Insead and the World Intellectual Property Organization and covered 141 countries this year.
This index recognizes the “key role of innovation as a driver of economic growth and prosperity, and the need for a broad horizontal vision of innovation applicable to developed and emerging economies.”
The theme for this year’s GII is “Effective Innovation Policies for Development.”
Taking advantage of the wealth of information produced by the GII analysis in its past editions, the outcome of various innovation policies can be reviewed to support their claims to effectiveness and to determine the impact that an economy’s degree of development has on their efficacy.
Globally, the GII 2015 showed Switzerland, United Kingdom, Sweden, the Netherlands, and the United States as the five most innovative nations.
“Innovation holds far-reaching promise for spurring economic growth in countries at all stages of development. However, realizing this promise is not automatic,” said WIPO Director General Francis Gurry, “Each nation must find the right mix of policies to mobilize the innate innovative and creative potential in their economies.”
Bruno Lanvin, Executive Director for Global Indices at Insead, and co-editor of the report, stressed that: “In all regions of the world, entrepreneurship, leadership and political will are making a difference regarding innovation. Barriers are falling, and innovation achievers are displaying performances higher than what their income per capita would suggest. Their experience is now becoming a basis for other countries to emulate their success and turn innovation into a truly global engine for sustainable growth.”