The Philippines moved three spots down in an annual global ranking of economies that measures their ability to attract and retain a skilled workforce, a report by the Institute for Management Development (IMD) World Competitiveness Center showed.
Based on the World Talent Ranking 2024, the Philippines ranked 63rd out of 67 economies, with an overall score of 35.44 out of 100.
Compared to its peers in the Asia-Pacific, the country placed 13th out of 14, just ahead of Mongolia, which in turn ranked the lowest globally.
READ: July unemployment rate at 4.7%, up from 3.1% in June
According to the report, the IMD rankings rely on three main criteria: “appeal,” or how effectively a country lures international talent; “investment and development,” which measures the resources committed to nurturing a domestic workforce; and “readiness,” which looks at the skills and competencies present in the talent pool.
The country fell two spots to 64th in “investment and development” and a notch lower to 52nd in “readiness.” However, it improved its position in “appeal,” moving up to 54th from the previous 55th spot.
Under the readiness factor, the IMD said the country’s strength relies on its skilled labor, which was “readily available”—graduates in science-related fields such as engineering, math, natural sciences, and information and communications technology, and language skills which “met the needs of enterprises.”
“This is the function of more students having science, technology, engineering and mathematics (STEM) courses to further increase the competitiveness of students in the country and eventually a more internationally competitive workforce,” Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said in a message to Inquirer.
In terms of appeal, the country’s cost of living and collection of personal income tax were highlighted as strengths. However, the Philippines struggled with its “quality of life.”
In terms of the investment and development factor, weaknesses were observed in total public spending on education as well as the ratio of students to teaching staff in both primary and secondary education.