MALACAÑANG on Wednesday said the country’s improved competitiveness is but a fruit of programs implemented based on good governance.
The World Economic Forum (WEF) on the same day cited the Philippines as the “most improved country” in terms of competitiveness in the last four years.
“The 2014-2015 Global Competitiveness Index (GCI) report of the [WEF] affirms that the Aquino administration’s good governance programs have established the solid macroeconomic foundations upon which long-term inclusive growth may be attained.”
According to the WEF, the Philippines’ advance to rank 52 (out of 140 countries) represents the biggest forward leap of 33 places since 2010, Presidential Communications Secretary Herminio Coloma Jr. said in a statement.
“This achievement indicates that the Philippines is well-poised to attain its objective of being in the top third [or rank 42]by 2016,” he added.
Based on its global report, the WEF said the improvement reflected reforms that lifted the economy. The Philippines ranked 52nd or seven notches up from 59th last year in terms of global competitiveness.
According to Coloma, the country showed evident strength in macroeconomic fundamentals as it also “leapfrogged 50 places since 2010 to rank 67 in institutions, and also registered strong performance in business sophistication (rank 46), financial market development (rank 49) and innovation (rank 52).
Government efficiency was also in top half (rank 69) of all the countries surveyed.”
“Government acknowledges that 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 partnership mode,” the Palace official said.
Malacañang spokesman Edwin Lacierda said the report came on the heels of the successful holding of the WEF on East Asia in May in Manila.
“This latest measurement of the country’s competitiveness is another demonstration that the Philippines is indeed more open for business than ever before. 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,” Lacierda added.
He noted that in the 2010 to 2011 WEF report, the Philippines ranked 85.
Besides registered improvements in macroeconomic environment and institutions, the country fared well also in terms of 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. We take this opportunity to thank those like the National Competitiveness Council under Bill Luz, who played an important role in challenging all sectors, public and private, to work together to achieve dynamism, inclusivity and sustainability in our economic growth,” Lacierda said.