Philippine maintains competitiveness ranking at 52nd
Credit to Author: Louella Desiderio| Date: Wed, 19 Jun 2024 00:00:00 +0800
MANILA, Philippines — The Philippines maintained its standing in this year’s edition of the World Competitiveness Ranking of the International Institute for Management Development (IMD), but it remained among the laggards in the Asia-Pacific region, with infrastructure identified as an area where improvements have to be made.
The government believes the implementation of Executive Order 59, which streamlines the permitting process for priority infrastructure projects, will help improve the country’s competitiveness ranking next year.
IMD’s World Competitiveness Ranking for 2024 showed the Philippines placed 52nd out of 67 economies, the same ranking in the previous year.
Of the 14 economies in the Asia-Pacific, the Philippines placed 13th, unchanged for five consecutive years.
IMD ranks economies using perceptions of executives with statistical data, based on criteria grouped into four factors: economic performance, government efficiency, business efficiency and infrastructure.
In terms of economic performance, the Philippines remained in the 40th spot.
Under economic performance, the Philippines moved up in three sub-factors such as domestic economy, international trade and international investment, but saw its ranking drop in terms of employment and prices.
When it comes to government efficiency, the Philippines’ ranking improved to 49th this year from 52nd last year.
In this factor, the country’s ranking improved in the public finance and institutional framework sub-factors, but declined in terms of tax policy, business legislation and societal framework.
As for business efficiency, the Philippines’ ranking dropped to 43rd place this year from the previous year’s 40th.
Under this factor, the Philippines only saw its ranking improve in the productivity and efficiency sub-factor, while it went down in terms of labor market, finance, management practices and attitudes and values.
In infrastructure, the Philippines fell to 61st place this year from 58th last year.
In this factor, the Philippines’ ranking dropped in almost all sub-factors such as basic infrastructure, technological infrastructure, scientific infrastructure and education, while it maintained its position in the health and environment sub-factor.