RP must strive to improve its world competitiveness ranking

The Philippines must strive to improve its world competitiveness ranking from its current position of being in the lowest third grouping to the upper third grouping, according to private sector representatives in the forthcoming National Competitiveness Summit.

Based on at least three separate international competitiveness surveys, the Philippines now ranks in the lowest third grouping.

According to the survey of the International Finance Corp. (IFC), the investment arm of the World Bank, the Philippines ranks 113 out of 155 countries in its 2006 Doing Business Survey.

In the World Economic Forum competitiveness survey, the Philippines is ranked 77th out of 120 countries.

In the Institute of Management Development survey, the Philippines is ranked 49th out of 61 countries. 

According to private sector representatives led by former Trade Secretary Cesar Bautista, Frederico Macaranas of the Asian Institute of Management Policy Center, Guillermo Luz of the Makati Business Club, Donald Dee of the Philippine Chamber of Commerce and Industry, Sergio Ortiz-Luis of the Philippine Exporters Confederation of the Philippines and Euan Marshall of the IFC, the forthcoming competitiveness summit should focus on identifying key areas that need improvement,  with a timebound target and a specific "champion" who would be held accountable for achieving the identified goal.

The private sector representatives stressed that the goals that would be set realistically cannot be achieved overnight but would be achieved over a long-term period.

As such, even after the summit has identified the specific goals, there must be a regular monitoring of the achievements and an identified "champion" in various government agencies to ensure that the goals are achieved within a timebound period.

The government’s economic managers together with industry leaders will hold the competitiveness summit on Sept. 29, 2006 to craft an action agenda that would  make the country more competitive in the global economy.

The summit  aims to secure commitments from key government agencies and private sector organizations on achievable action points for 2006 until 2007.