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Sunday, June 4, 2017
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MANILA – The Philippines moved up just one notch in terms of competitiveness on the back of robust economic performance, but lagged in government and business efficiency and poor improvement in infrastructure.
The country ranked 41st out of 63 economies in the International Institute for Management Development’s (IMD) 2017 World Competitiveness Yearbook, from 42nd in 2016.
The Philippines also matched its ranking in the 2015 edition of the report.
Among Asia-Pacific economies, the Philippines also moved up from 12th to 11th this year.
Hong Kong topped the 2017 competitiveness rankings, with Switzerland, Singapore, the United States, and the Netherlands completing the top five.
The IMD World Competitiveness Yearbook evaluated economies across 346 criteria in four major factors namely economic performance, government efficiency, business efficiency, and infrastructure.
Out of the four factors, the country saw significant improvement in economic performance from 38th to 26th or up 12 places.
“This improvement was largely driven by a jump from 31st to 12th in the domestic Economy sub-factor, led by robust gross domestic product growth, as well as improvement in the employment sub-factor from 19th to 4th,” the IMD said.
However, in government efficiency, the Philippines dropped one place from 36th to 37th.
“While the country rose nine places in the public finance sub-factor, from 34th to 25th, this could not make up for drops in the sub-factors for tax policy (15th to 18th) and societal framework (43rd to 51st),” the IMD said.
“The Philippines also performed well in the criteria for central bank policy (2nd), but continues to lag behind in terms of start-up procedures and other criteria covering ease of doing business,” it added.
In terms of business efficiency, the country slipped four notches from 24th to 28th.
“Drops were registered in the sub-factors for productivity and efficiency (36th to 52nd), labor market (4th to 5th), management practices (24th to 28th), and attitudes and values (12th to 18th), while the country rose from 35th to 33rd in Finance,” the IMD said.
In infrastructure, the country continued to perform poorly despite going up one place from 55th to 54th.
“Overall, most of the improvements in ranking were driven by data-based indicators, while decreases were mostly accounted for by perceptions-based factors,” the IMD noted.
Meanwhile, the bottom of the ranking features several economies undergoing political or economic upheavals, including Venezuela, Brazil, and Ukraine. (GMA News)
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