Finance Secretary Cesar Purisima's statement on Phl's upgrade in WEF Global Competitiveness Report

Statement of Finance Secretary CESAR V. PURISIMA on the Changes in Ranking for the Philippines in the WEF Global Competitiveness Report for 2013-2014

"I am more than pleased to learn that the Philippines has once again made marked progress in the rankings for the World Economic Forum's Global Competitiveness Report, notching the 59th rank out of 148 economies this year versus ranking 65th out of 144 economies last year. This is a significant jump from our ranking of 87th in the report in 2009. Truly, the gains of good governance under President Aquino have redounded to the business community, as investors in the Philippines now enjoy a playing field that is more stable, more transparent, and more level than it has ever been.

I would like to draw special attention to the chief drivers among our rankings. Our rank on the 'institutions' pillar, the key marker of governance in the report, rose 15 places this year to place us 79th. This ranking is a sign that our partners have observed less diversion of public funds, less wasteful spending, and more efficient legal and administrative frameworks that support business in the Philippines. Another encouraging development is our ranking on the 'innovation' pillar, where we shot up 25 places to rank 69th. This is an indicator that we have made progress in driving business with the inherent talent, creativity, and ingenuity of our people.

As we make progress in further solidifying the gains of good governance, I fully expect to see the Philippine business environment become even more vibrant, more dynamic, and most importantly, more open and welcoming of opportunity. No doubt we will see even greater rises in the Global Competitiveness rankings in the future."