Home News Nation PH jumps to 54th in global innovation

PH jumps to 54th in global innovation

THE Philippines jumped from 73rd to 54th place in the 2019 Global Innovation Index (GII) among 129 countries.

The country scored an average of 36.18 this year, higher than the previous 31.56, after getting better scores in 5 out of 8 pillars — institutions, infrastructure, business sophistication, knowledge and technology outputs, and creative outputs.

Workers walk at a construction site along C5 road in Taguig City on April 09, 2018. PHOTO BY DANTE DIOSINA JR.

Among lower middle-income economies, the Philippines is sixth, trailing behind Vietnam (38.84), Ukraine (37.40), Georgia (36.98), India (36.58) and Mongolia (36.29).

The GII report said this was the first time the Philippines was recognized as an “innovation achiever,” as it was able to record “above average in all innovation dimensions, with the exception of market sophistication, relative to its lower middle-income peers.”

“It (the Philippines) has a remarkable performance in knowledge diffusion and knowledge absorption, not only on relative to its income group and geographic region, but also relative to all other economies assessed,” the report added.

Despite its improved ranking, the country maintained its score in terms of human capital and research (24.6 points), while market sophistication slightly dipped from 39.5 to 38.3 points.

Trade Secretary Ramon Lopez attributed the improved ranking to the collective efforts of government agencies in “creating an innovative culture, as well as building linkages with academe and industry.”

Lopez also expects better ranking in the future, following the signing of Republic Act 11293, or the “Philippine Innovation Act,” and Republic Act 11337, or the “Innovative Startup Act.”

Presidential spokesman Salvador Panelo commended the government agencies that helped boost innovation in the country.

“May this good news further motivate them in creating an environment that nurtures innovation and creates business opportunities as we become one of the fastest growing economies in the globe,” he said.


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Today’s Front Page November 13, 2019

Today’s Front Page November 13, 2019