PHL found Southeast Asia’s 5th most competitive

THE PHILIPPINES placed fifth among the nine economies of the Association of Southeast Asian Nations (ASEAN) covered by the Global Competitiveness

Report 2018-2019, which measures a country’s standing using a set of criteria that determine level of productivity, and 56th globally among 140 economies on the list.

As reported by the World Economic Forum, the Philippines ranks lower than Singapore — the most competitive in ASEAN and second globally — and other regional neighbors Malaysia (25th globally), Thailand (38th), and Indonesia (45th).

The latest report qualified that it is not comparable to previous reports, as the forum has transitioned to a new index.

ASEAN economies covered by the report are Singapore, Malaysia, Thailand, Indonesia, Philippines, Brunei, Vietnam, Cambodia and Lao PDR. Myanmar was not included.

Regionally, the Philippines is third in Labor Market behind Singapore and Malaysia, and also third in Macroeconomic Stability, also behind the two, as well as fourth in Innovation Capability and Financial Systems.

A summary of report findings was provided in a press release of the Makati Business Club (MBC), the forum’s partner in the Philippines.

The country placed seventh out the ASEAN nine and 101st out of the 140 economies in the pillar of Institutions.

It was also seventh regionally in Health and Infrastructure. Its global ranking in the two pillars are 101st and 92nd, respectively. The three pillars are also the country’s weakest, MBC noted.

In a statement, MBC Chairman Edgar O. Chua said that the Philippines’ business dynamism noted in the report was primarily driven by the private sector’s mindset, in finding innovative ways to become more efficient and productive. —