The Philippines climbed four spots in its global competitive, a report by Swiss business school International Institute for Management Development (IMD) said.
In its 2019 World Competitiveness Rankings 2019, IMD placed the country at 46th out of 63 economies scored, up four notches from 50th last year.
IMD attributed the Philippines' improved ranking to "a solid economic performance supported by sustained real GDP (gross domestic product) growth (6.2% in 2018) and an increase in labour force and employment levels."
In a statement, presidential spokesperson Salvador Panelo said the Philippines' improved ranking augurs well for the country and the economy.
"There is an emerging investor confidence in our country. It shows our trade environment remains attractive and viable to foreign businesses," Panelo said.
The IMD measured countries' competitiveness using four factors measured by using four factors namely, economic performance, government efficiency, business efficiency, and infrastructure.
"We improved in all four," Panelo said.
"The strong and effective style of governance by President Rodrigo Roa Duterte makes Palace optimistic that further improvements will take place. Putting premium on cutting down red tape and promoting ease in doing business while we begin to implement the nation’s most ambitious infrastructure program, Build-Build-Build, boost the government’s strategy for sustained and inclusive growth," the Palace official said.
"There is every reason to look forward to a bright future for our country’s economy and our people," he added.
Singapore topped this year's rankings, replacing US which moved down to third spot, while Hong Kong ranked second. —KBK, GMA News