MANILA, Philippines — The Philippines was among 63 countries that posted the biggest climb in the latest World Talent Ranking (WTR) report of the International Institute for Management Development (IMD), as it rose six places to 49th place from 51st last year.
The country remained the laggard however, among Southeast countries.
Released in partnership with the Asian Institute of Management Rizalino S. Navarro Policy Center for Competitiveness in the Philippines, the WTR looks at countries’ ability to attract, develop and retain an employable talent pool.
The other countries which posted the biggest improvements are Taiwan, which went up seven places to 20th; Lithuania, which rose eight notches to 28th; and Colombia which advanced six places to 54th.
While the Philippines’ ranking improved in this year’s report, it was still behind its peers in the region.
All other Southeast Asian countries included in the report had better rankings than the Philippines such as Singapore (10th), Malaysia (22nd), Indonesia (41st), and Thailand (43rd).
In ranking countries, the WTR looked at three factors such as investment and development, appeal and readiness, and took into account responses to IMD’s executive opinion survey.
In the investment and development factor which measures funds poured in, as well as development of domestic human resources, the Philippines ranked 61st, up from the 62nd spot last year.
“This represents a one-place improvement from 2018, but this factor has consistently ranked in the 60s. Its low rank was mostly driven by pupil-teacher ratio in primary and secondary education and public expenditure on education per student,” IMD said.
As for the appeal factor, which looks at the ability to attract and retain high-quality talent from abroad, the Philippines rose to 31st place from 38th a year ago.
IMD said the highest ranked indicators for the Philippines under the appeal factor were cost of living and effective personal income tax rate, while the lower ranked ones were quality of life, justice, and brain drain.
When it comes to the readiness factor which assessed the quality and growth of the existing talent pool, the country placed 26th, 11 places higher than the previous year’s 37th.
“The relatively higher rank of the readiness factor was mostly driven by indicators on skilled labor, language skills, and share of science graduates among college degree holders,” IMD said.
Switzerland continued to top the WTR, strengthening its position as a global talent hub.
This was followed by Denmark in second place, and Sweden on the third spot. Mongolia, on the other hand, was at the bottom of the list or 63rd place.