Economists point to weakest links in RP competitiveness

MANILA, Philippines – The Philippines needs to do a lot more of spade work to stop it from slipping to the ranks of the least competitive nations on earth.

This was the advice of two of the country’s better known economists, Prof. Lourdes Sereno of the Asian Institute of Management (AIM) Policy Center and Dr. Joseph Anthony Lim of the Ateneo University when they presented recently the weakest links in the country’s competitiveness as compared to 57 other countries covered by the World Competitiveness Yearbook of 2009.

Sereno zeroed in on the gap in Philippine ranking of 54th out of 57 countries or fourth to the last in the quality of its basic education. “We are second to the last in primary education at number 56,” she pointed out.

In the Asian region, she said, the Philippines is worst in teacher-pupil ratio.

Also must be addressed is the mismatch between the education and skills taught in school and those that the domestic economy require.

In the recently released competitive yearbook, listed as the Philippines’ weakest link was in international investment where it ranked number 56 of the reviewed 57 countries or only a notch above the lowest rank.

The country was also one of the world’s worst in public finance and education where it placed in both categories at rank 54 or three notches above the last placer. Public finance rates a country on how it manages public funds of which the country is notorious for rampant leakages, bribe-taking and corruption.

The Philippines was also found among the worst countries in business-friendly legislation (number 50), productivity and efficiency (number 51), basic infrastructure at number 57 or at bottom rank and scientific infrastructure at rank 56 or second to the last.

In presenting those weaknesses, Sereno and Lim said the facts and figures must not be taken as a criticism of the administration but should serve as a wake-up call to leaders in government and business. – Philexport News and Features