Malacañang on
Tuesday (May 31) welcomed the latest World Competitiveness Yearbook (WCY)
rankings of the International Institute of Management Development, which showed
the Philippines at 42nd place among 61 economies and 12th among 14 Asia-Pacific
countries.
The report
was based on 342 criteria clustered under four broad categories — economic
performance, government efficiency, business efficiency, and infrastructure,
Communication Secretary Herminio Coloma, Jr. said in a statement.
“We note the
WCY report stated the Philippines registered marked improvements in business
efficiency and infrastructure and remained stable in government efficiency,
while the country’s workforce emerged as the economy’s most attractive feature.
The country’s ranking remains stable and resilient in the face of a general
decline among most Asian economies, such as Malaysia, Indonesia, Taiwan and
mainland China,” Coloma said.
The Palace
official added that during the past six years, the Philippines has made
“significant gains in its WCY, surging by more than 43 places from 85th place
in 2010, buoyed largely by the social and economic reforms anchored on good
governance that President Aquino has instituted during his term”.
“And as the
Aquino administration prepares to step down from power, we prepare to step
down, we shall pass on a stronger, more competitive and broad-based and
inclusive economy to the next administration,” Coloma said.
Hong Kong
topped the rankings (from second in 2015), followed by Switzerland (from fourth
in 2015), and the United States, which dropped from first place.
The IMD World
Competitiveness Yearbook is the leading annual report on the competitiveness of
nations and has been published by IMD since 1989. It benchmarks the performance
of 61 countries based on more than 340 criteria measuring different facets of
competitiveness. (PCOO News Release)
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