Fiscal reforms bolster
Philippines' competitiveness upgrade
MANILA, Oct. 6 -- Budget Secretary Florencio 'Butch' Abad hailed the
Aquino Administration’s governance and fiscal reform efforts as the
Philippines leaps five notches in the global competitiveness ranking.
The Philippines placed 47th out of 140 competitive economies in this year’s
Global Competitiveness Index released by the World Economic Forum (WEF).
"This is proof of the success of our fiscal and governance reforms," Abad
The Budget Secretary also said that along with the improvements in the
country's fiscal and budget transparency rankings, the said report shows
that the world supports the Philippines' drive for good governance.
However, Abad admits that there is still more work to be done from
streamlining the bureaucracy, to improving the country’s infrastructure.
"But we are heartened by the global recognition of our efforts that is
solidifying our reputation as one of the world’s most promising economies,”
WEF’s Global Competitiveness Report for 2015-2016 noted the Philippines as
moving up by five places to No. 47 out of 140 economies this year, from No.
52 out of 144 in 2014. This report affirms the goal of the National
Competitiveness Council (NCC) to place the country at the top third of the
The Philippines is also the most improved economy in terms of
competitiveness rankings in the Association of Southeast Asian Nations
(ASEAN), and the world as it moved by 38 spots in five years from No. 85 in
2010. The Report assesses global economies against the Index’s “12 Pillars
of Competitiveness” based on 114 indicators that drive productivity.
“We’ve seen how the reforms we’ve implemented have helped create a more
enabling environment for business that is currently fueling our economic
progress. But we can only ensure this becomes inclusive growth if we can
sustain the country’s upward development while helping more Filipinos out of
poverty,” Abad said.
First introduced in 2004, the WEF Global Competitiveness Report monitors the
competitiveness of countries based on their performance in 12 categories.
The latter includes a country’s institutions, infrastructure, market and
economic environment, health and basic education, among others. The report
shows improvements among all pillars as compared to 2011 data, particularly
with innovation, institutions, and macroeconomic environment. (DBM)