PH stays at rank 73 in Global Innovation Index

MANILA -- The Philippines has maintained its spot in the Global Innovation Index (GII) 2018, ranking 73rd out of 126 economies.

The GII, which gauges an economy’s innovation performance through innovation input and output sub-indices, is co-published by World Intellectual Property Organization, Cornell University, and INSEAD -- a France-based graduate business school.

In the innovation input sub-index ranking, the Philippines landed at 82nd place.

The input sub-index measures the country’s strength in economic pillars that drive innovation which include institutions, human capital and research, infrastructure, market sophistication, and business sophistication.

Among the indicators under the innovation input sub-index, the Philippines ranked highest in percentage of research talent in business enterprise at 63 percent; share of firms offering formal trainings, with 60 percent of companies gives formal trainings to employees; and share of graduates in science and engineering, with 29 percent of the total tertiary education graduates are in this track.

The country also ranked high in indicators such as gross domestic product (GDP) per unit of energy use, which promotes ecological sustainability; and share of market capitalization to GDP at 84 percent.