Manila ranks 79th in globally competitive megacities

Metro Manila ranked 79th among 120 megacities forecast to surge in global competitiveness between 2012 and 2015, based on a study commissioned by Citi.

The National Capital Region received a score of 47, where 100 ranked the highest or most promising among the cities surveyed.

Conducted by the Economist Intelligence Unit (EIU), the global research “Hot Spots 2025: Benchmarking the Future Competitiveness of Cities” was commissioned by Citi, one of the largest financial institutions worldwide.

While grouped among the first 100 better scoring countries, Metro Manila still fell short of other Southeast and South Asian like Jakarta, Bangkok, Delhi, Mumbai, Kuala Lumpur, Singapore, Hong Kong and Taipei.

The research was based on the cities’ projected ability to attract capital, business, talent and tourists.

Also taken into consideration were physical infrastructure, financial maturity, and global appeal as part of competitiveness qualities in a global scale.

The report said Sao Paulo ( Brazil), Incheon (South Korea) and Mumbai (India) are the cities that are forecast to increase their competitiveness dramatically.

Sao Paulo and Mumbai are members of BRIC (Brazil, Russia, India, and China).

“These cities are a source of growth and a magnet of opportunity for business and people alike in Asia,” the report said.

Citi chief executive officer for Asia Pacific Stephen Bird said more than half of the word’s population lives in cities, a phenomena that will continue as 60 million people are forecast to migrate to urban centers yearly.

“The findings of this report indicate that the economic rise of Asian cities will be mirrored by the region’s increased competitiveness in 2015,” he said.

“In turn, it will become a magnet for businesses and visitors in the years to come,” he added.

Capital will likewise be needed as Asian cities invest in improving the quality of infrastructure, institutions, and human capital.

The EIU report said Incheon is the most improved city in Asia and among a handful of emerging Asian cities.

Investments in a world- class port, transportation infrastructure and the development of the Incheon Free Economic Zone have all resulted in the city becoming a commercial, business, logistics and tourism hub.

Mumbai is the third most improved city in terms of competitiveness globally.

“Mumbai’s competitiveness is bolstered by its economic strength, maturing financial services sector and its cultural vibrancy,” the report said.

In the study, EIU’s global forecasting director Leo Abruzzese said that Asia’s growing wealth and rising income are reflected in the development and competitiveness of its urban centers.