MALACANANG on Tuesday expressed elation over the Philippines’ improved ranking in the latest World Competitiveness Yearbook (WCY) that saw the country placed 42nd among 61 economies and 12th in the Asia-Pacific region.
Palace Communications Secretary Herminio Coloma Jr. said the report released by the International Institute of Management Development was based on 342 criteria clustered under four broad categories such as economic performance, government efficiency, business efficiency and infrastructure.
“We note the WCY report stated the Philippines registered marked improvements in business efficiency and infrastructure and remained stable in government efficiency, while the country’s workforce emerged as the economy’s most attractive feature,” he noted.
“The country’s ranking remains stable and resilient in the face of a general decline among most Asian economies such as Malaysia, Indonesia, Taiwan and mainland China,” Coloma said.
During the past six years, according to the Palace official, the Philippines has made significant gains in its WCY, surging by more than 43 places from 85th place in 2010 buoyed up largely by social and economic reforms anchored on good governance that President Benigno Aquino 3rd has instituted during his term.
“And as the Aquino administration prepares to step down from power, we prepare to step down, we shall pass on a stronger, more competitive and broad-based and inclusive economy to the next administration,” Coloma said.
JOEL M. SY EGCO