PHL falls 8 notches in global competitiveness —WEF report

The Philippines slipped by eight notches to place 64th out of 141 economies in terms of global competitiveness, the latest report by the World Economic Forum (WEF) showed.

According to the Global Economic Competitiveness Report 2019, the Philippines now ranks 64th with a score of 61.9, falling from 56th in 2018 with a score of 62.1.

The ranking takes into consideration 12 pillars of competitiveness: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism, and innovation capability.

The biggest drop in terms of both the Philippines’ rank and the score was in ICT adoption in which the country ranked 88th this year from 67th last year.

“One of the key messages of this report is the importance of the Sustainable Development Goals (SDGs) in pursuing sustained economic growth,” Makati Business Club (MBC) chairman Edgar Chua said in a separate statement.

MBC is the Philippine partner of WEF which administered the 2019 Executive Opinion Survey, a major component of the Global Competitiveness Report, from March 15 to April 30 this year.

“The world needs to do a lot of catching up to reach the SDG targets by 2030, and the Philippines is no exemption. The business community needs to be more responsible and innovative in its operations to help improve the country’s social and economic goals,” Chua said.

Among the improvements the Philippines needs to pursue is critical thinking in teaching where the Philippines saw its score drop this year.

“We would like to stress the need to foster investments in human capital, and matching the benefits of innovation with talent development and a well-functioning labor market,” Chua noted.

“Innovation in education is the key. We should use technology in classrooms and in training grounds. Furthermore, upskilling of workers will help us meet the changing demands of industries,” he said. —VDS, GMA News