The Philippines soared 10 places in the World Economic Forum’s 2012 Global Competitiveness Report.
The Philippines ranked 65th among 144 countries in this year’s survey, jumped from 75th in 2011. The WEF report said the Philippines was one of the countries that showed the most improvement.
“Ranked 65th, the Philippines is one of the countries showing the most improvement in this year’s edition. Indeed, it has advanced 22 places since reaching its lowest mark in 2009. The Philippines makes important strides this year in improving competitiveness—albeit often from a very low base—especially with respect to its public institutions (94th, up 23 places),” the report said.
It noted a significant improvement in “trust in politicians,” up 33 spots to 95th place, but “considerable room for improvement remains.”
There is also improved perception that the corruption (108th, up 11) and red tape (108, up 18) are being addressed by the Aquino administration, but the report noted “they remain pervasive.”
The WEF report also noted improvements in macroeconomic environment (36th, up 18), which it noted was one of the strongest aspects of the Philippines’ performance.
The financial sector is also seen to be more efficient and supportive of business activity(58th, up 13).
“Despite these very positive trends, many weaknesses remain to be addressed. The country’s infrastructure is still in a dire state, particularly with respect to sea (120th) and air transport (112th), with little or no progress achieved to date. Furthermore,
various market inefficiencies and rigidities continue, most notably in the labor market (103rd),” the WEF report stated.
The Global Competitiveness Report 2012-2013 assesses the competitiveness of 144 economies, providing insight into the drivers of their productivity and prosperity.
For the fourth year in a row, Switzerland topped the overall rankings in the Global Competitiveness Report. Singapore remained in 2nd spot, followed by Finland in 3rd, Sweden in 4th and Netherlands in 5th. The top 10 list also includes Germany (6th), United States (7th), United Kingdom (8th), Hong Kong (9th) and Japan (10th).