RP on right track toward improving global ranking

CEBU, Philippines – The Philippine government, through the Department of Trade and Industry (DTI), is confident that the country is on the right track on improving its competitiveness rank in the world in the next few years.

With the improvement of the Philippine ranking to 85 spot out of 139 economies, which is better than its 87th ranking out of 133 last year, DTI secretary Gregory Domingo expressed high hopes that the Philippines will be able to increase its competitiveness standing in medium term.

“We will see significant increases,” said Domingo.

On the other hand, business groups in the Philippines likewise expressed optimism that the Philippines is poised to record more gains in the competitiveness ranking.

“With the new administration, it should improve even more. Give it three to six months and the ranking will move, ” said American Chamber of Commerce of the Philippines (AmCham) executive director Robert M. Sears.

Philippine Chamber of Commerce and Industry (PCCI) president Francis C. Chua, for his part, also said that the business sector had been very confident that the country will slowly achieve its higher goals in the competitiveness rank.

“We’ve always believed we are competitive. If you consider that we have consistent growth, we really are one of the winners in the region,” Chua said.

Swiss-based World Economic Forum’s Global Competitiveness Report 2010-2011 showed in its latest report, that the Philippines’ adjusted rank is 83rd, up four notches from last year.

The latest ranking was based on a January to May 2010 survey of executives’ perceptions and hard data measuring various 2009 indicators.

Out of the 12 so-called “pillars” of competitiveness, the Philippines was reported to have notably improved in the three areas such as; macro-economic environment; strength and efficiency of financial markets and the sophistication of businesses.

According to Domingo, the Philippines will be able to jump to higher level of competitiveness, if one of the indicators will include the competitiveness of companies operating the Philippines that are located in the economic zones.

These companies inside the economic zones had been globally competitive. These companies should be included as part of the considerations for competitiveness survey. Domingo said the Philippines is considering to lobby this suggestion. (FREEMAN)