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The Philippines recently ranked ninth among the ten member countries of the Association of Southeast Asian Nations (ASEAN) in terms of competitiveness, according to the World Economic Forum’s (WEF) Global Competitiveness Index 2021.
The country’s ranking remains unchanged from the previous year, but it is still a cause for concern for Philippine officials and economic analysts who want to see the country climb up the rankings and become more competitive globally.
The Global Competitiveness Index takes into account various factors that contribute to a country’s competitiveness, such as institutions, infrastructure, macroeconomic stability, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, business sophistication, and innovation.
The Philippines’ ranking was mostly held back by its poor performance in terms of infrastructure and institutions. According to the report, the country ranked 105th out of 140 countries in terms of infrastructure and 96th in terms of institutions, which includes measures of corruption, public trust in politicians, and judicial independence.
However, the Philippines also showed strengths in some areas. The country ranked 27th in terms of market size, thanks to its large population and growing middle class, and 51st in terms of business dynamism, which measures the ease of starting and running a business in the country.
The Philippines’ ranking in the Global Competitiveness Index is important for the country’s economic growth, as it affects foreign investment, trade, and job creation. A low ranking can discourage foreign investors from investing in the country, while a high ranking can attract more investment and boost economic growth.
Moreover, a high ranking can lead to more job opportunities and higher wages, as businesses become more competitive and demand for skilled workers increases. This can help reduce poverty and improve the standard of living for many Filipinos.
Improving infrastructure and institutions should be the Philippine government’s top priorities in order to improve the country’s competitiveness. This includes investing in roads, bridges, ports, and airports, as well as improving public transportation, power supply, and internet connectivity.
The government should also work on improving the country’s business environment by reducing bureaucracy and corruption, enforcing contracts, protecting property rights, and promoting fair competition. This can help attract more foreign investors and create a more level playing field for local businesses.
Moreover, improving education and skills development can help create a pool of skilled workers that can be competitive in the global market. This can be done by investing in education, vocational training, and on-the-job training programs that can help workers acquire the skills they need to succeed in their chosen careers.
While the Philippines’ ranking in the Global Competitiveness Index may not be the best, it is still a wake-up call for the country to prioritize its efforts in improving its competitiveness. If the government can focus on improving infrastructure, institutions, and education, the country can become more competitive in the long run and attract more investment, create more jobs, and improve the standard of living for Filipinos.
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