PH economy 59th in world competitive index
by FFE PH News staff
The Philippines jumped 26 places up since 2010 to rank 59th in the World Economic Forum’s Global Competitive Index.
Roberto de Ocampo, vice chair of the Makati Business Club, said that the country is now coming out under the radar of the global community and is becoming a better investment destination.
According to the report, the government’s anti-corruption drive has made a lot of gains for the country’s competitiveness. However, sustaining a corrupt-free Philippines remains a concern, especially in the wake of the pork barrel scam involving government officials.
Corruption has been the top hindrance to competitiveness. National Competitive Council chair Guillermo Luz said that solid reforms are needed to fix corruption so that the country can bounce away from it.
But since there is a changing attitude on corruption among government institutions, the report has said that infrastructure should be the country’s next focus.
The survey notes a slight improvement in the Philippines’ infrastructure, but can do better if it wants to surpass other countries.
Luz added that since the economy has been showing growths as high as 7.5 percent per year, the country should catch up on more infrastructures. He
added that being in a non-competitive competition won’t attract investors.
“There’s no way to inclusive growth and beat poverty if we are uncompetitive.”
The country is looking to step up its game and be among the top 30 percent of all competitive indices by 2016. But experts say it is more crucial to look beyond the numbers. Rankings should translate to more tangible effects like more jobs and better quality of education and life.