The Philippines did it again!
The Philippines's economic competitiveness improved, as the country jumps 10 places from no. 75 to 65 out of 144 countries in the World Economic Forum's 2012/2013 Global Competitiveness Report.
The Philippines is said to be one out of two countries to make a double-digit jump, a twice-in-a-row 10-notch jump to be particular, in the last two years. This year, the country entered the upper 50 percent of the competitiveness rank.
It can be recalled that the nation once entered the bottom 25 percent rank of economies - the least competitive ones.
Cooperation between the National Competitiveness Council and other government agencies led to improvements in 11 out of 12 pillars or factors that the report measures and compares.
These include government institutions, higher education and training, infrastructure, financial market development, technological readiness, macroeconomic environment, goods market efficiency, labor market efficiency, market size, business sophistication, and innovation.
However, the country failed to gather pace in the areas of health and primary education where it lost 6 places to 98th.
15,000 businesses gave insights to this year's competitiveness survey, and out of these, 132 came from the Philippines. The country's great performance this year can be attributed to the increasing business confidence in the Philippines - a signal that the Philippines PNoy administration must be doing something right and efficient particularly in governance and implementation.
The announcement came after the Philippines registered a 6.1-percent increase in its Gross Domestic Product in the first half. The complete Global Competitiveness Report can be viewed below.
The Global Competitiveness Report 2012-2013
