Palace welcomes PHL's improved rankings in competitiveness report

The Aquino administration on Thursday welcomed the country’s improved rankings in the latest World Competitiveness Report as it vowed continued efforts to improve the lives of Filipinos. At a press briefing, presidential spokesperson Edwin Lacierda said since it took over June of last year, the administration has been very active in showing the world that the Philippines is open for business. “Thus it is good to see that our efforts have manifested themselves in these rankings," he said. He said they are aware that “the work does not end here" as he agreed that there are still challenges the country has to hurdle as mentioned in the report. “We assure the Filipino people that while substantial progress has been made, the Aquino administration continues its work to further improve the lives of its people," Lacierda said. He said Malacañang is calling on all stakeholders, both in the government and in the private sector, to continue fulfilling their parts in the collective responsibilities so that they can give the people the quality of life they rightfully deserve. The World Economic Forum ranked the Philippines as 75th in the world in their 2011-2012 Global Competitiveness Report, moving it up 10 places from the 2010-2011 ranking of 85th. This is the country’s highest ever improvement, and one of the highest rankings improvements by any country in the world in the past year. The report particularly noted the Philippines’ improved national savings, managed inflation, low interest rate environment, lowering debt-to-GDP ratio, and the four credit ratings upgrade in just one year in office. The rankings also improved in the areas of Competitive Trade Tariffs, Number of Days to Start a Business, Public Trust to Politicians and Transparency in Policy Making, among others. - Amita O. Legaspi/KBK, GMA News