PH climbs a notch in competitiveness

  • Page Views 171
  • The Philippines climbed one place to rank 56th among 137 countries in the World Economic Forum’s Global Competitiveness Report 2017-2018.

    The report showed while the country improved its global ranking from 57th last year, its Asean ranking slid to 8th this year from 6th in 2016. 

    With the two-point drop in regional standing, the Philippines now ranks behind Vietnam and Brunei Darussalam, which both made large strides, according to the Makati Business Club.

    “It is good to see that we have maintained our overall competitiveness and even moved one notch higher. However, as we implement changes to improve, other countries are doing the same. In fact, Vietnam and Brunei have overtaken us this year,” MBC chairman Edgar Chua said.

    “We therefore need to do much more at a much faster pace.  We call on Congress to focus on passing priority bills identified by the business sector especially the Comprehensive Tax Reform Program and not allow itself to be diverted by various political maneuvers like impeachment proceedings,” said Chua.

    The Philippine’s highest gains this year are in market size where it climbed four notches from its 2016 ranking; labor market efficiency, 4 notches up; and higher education and training, 3 notches up.

    Macroeconomic environment remains the country’s highest-ranking pillar, but it slid down the 22nd spot, from its 2016 ranking at 20th.

    Its ranking in financial market also slid down from 48th in 2016 to 52nd in 2017.  In terms of market size, the second highest-ranking pillar, the country jumped four places to 27th.

    Based on top-ranked indicators, the Philippine’s competitive advantages are inflation (ranked 1st out of 137), HIV prevalence (ranked 1st), government budget balance (ranked 24th), business impact of malaria (26th), domestic market size index (27th) and available airline seat kilometers (27th).

    The report also showed that of the five top-ranked competitive advantages, government budget balance slid down 7 spots from 2016, while domestic market size gained 3 notches from the previous year.

    Meanwhile, the country’s bottom indicators included the number of procedures to start a business (ranked last out of 137th), tuberculosis incidence (126th), burden of Customs procedures (125th), business cost of terrorism (125th) and quality of air transport infrastructure (124th).

    The Executive Opinion Survey, a major component of the report, showed that the most problematic factors for doing business in the Philippines were inefficient government bureaucracy, inadequate supply of infrastructure, corruption, tax regulations and tax rates.

    Singapore remains the most competitive in Asean.

    (O.V. Campos, MS)

    Share

    New Posts Recently publish post More

    • 09 December 2017
      2 days ago No comment

      Statement from the office of the late Senator Tobias C. Enverga, Jr.

      December 7, 2017 Ottawa, ON On behalf of the Enverga family, I wish to convey sincere thanks for the outpouring of love, support, and prayers given in the days following the passing of the Honourable Tobias C. Enverga, Jr. The family would like to thank the more than 7,000 ...

    • 06 December 2017
      5 days ago No comment

      City of Surrey and Statistics Canada Partner on Opioid Data Collection and Community Response Project

      For immediate release: Dec. 5, 2017  Surrey – There is a broad range of people who suffer from opioid use disorders and the lives that are being claimed by the overdose crisis is revealing that a significant number of the deaths are occurring in residential locations and in private. Understanding the factors ...

    • 03 December 2017
      1 week ago No comment

      Kisses is now a Star Pop artist

      PBB Lucky Season 7 2nd Big Placer Kisses Delavin finally introduced her highly anticipated debut album Kisses under Star Pop, Star Music’s new sublabel for the young market, to a jam-packed crowd at SM North EDSA Skydome recently. The rising teen star pepped up the show with an opening ...

    • 03 December 2017
      1 week ago No comment

      Michael V preparing for his inevitable exit from ‘Bubble Gang’

      For the past 22 years, Michael V has been the binding force of “Bubble Gang,” for which he works not only as an actor, but also a creative director. While having the long-running gag-comedy show without him is almost unimaginable, he knows that, at some point, he would have ...

    • 03 December 2017
      1 week ago No comment

      PBA in turmoil as Narvasa divides Board

      NOVEMBER 2017 SPECTATOR   THE PBA (Philippine Basketball Association) is in turmoil, all because of PBA Commissioner Chito Narvasa. No, the country’s No. 1 sporting entertainment is not losing money. But the league’s 7 breakway governors want Narvasa out. That’s when the trouble began. The Suicidal 7 could not ...

    %d bloggers like this: