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Business

Report: Phl advances in global competitiveness ranking

Patricia Lourdes Viray - The Philippine Star
October 21, 2014 | 6:27pm
MANILA, Philippines - The Philippines placed 52nd out of 144 countries in the Global Competitiveness Index (GCI) for 2013-2014, according to a report from the World Economic Forum (WEF).
 
Despite being relatively low, the country's ranking is now closer to the Philippine Development Plan 2011-2016 target of being in the top 30 percent of most competitive economies.
 
The Philippines went up by 33 notches since 2010, a result of the reforms during the last four years, according to the WEF.
 
The GCI is composed of the 12 pillars of competitiveness, some of which wherein the country showed remarkable improvement.
 
Pillar '10-'11 '11-'12 '12-'13 '13-'14 '14-'15
Sub-index 1: BASIC REQUIREMENTS
1. Institutions 125 117 94 79 67
2. Infrastructure 104 105 98 96 91
3. Macroeconomic environment 68 54 36 40 26
4. Health and primary education 90 92 98 96 92
Sub-index 2: EFFICIENCY ENHANCERS
5. Higher education and training 73 71 64 67 64
6. Goods market efficiency 97 88 86 82 70
7. Labor market efficiency 111 113 103 100 91
8. Financial market development 75 71 58 48 49
9. Technological readiness 95 83 79 77 69
10. Market size 37 36 35 33 35
Sub-index 3: INNOVATION AND SOPHISTICATION FACTORS
11. Business sophistication 60 57 49 49 46
12. Innovation 111 108 94 69 52
 
A rank of 50 and below in the GCI indicates competitive advantage. The Philippines aims to be in the top 30 percent or rank 43 and above by 2016.

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