Gov’t welcomes higher global competitiveness ranking
Updated September 08, 2011 11:29 PM
MANILA, Philippines (Xinhua) – The government welcomed today the result of the latest World Economic Forum Global Competitiveness Report, where the country’s ranking improved by 10 notches.
“This is thus far our highest ever improvement, and one of the highest ranking improvement by any country in the world in the past year,” Presidential Spokesperson Edwin Lacierda said in a press briefing.
“Since June of last year, our administration has been very active in showing the world that the Philippines is open for business; and thus it is good to see that our efforts have manifested in these rankings,” he added.
The World Economic Forum (WEF) has ranked the Philippines as 75th in the world in its 2011-2012 Global Competitiveness Index ( GCI), moving it 10 places from its 2010-2011 ranking. This is also the biggest improvement in the country’s ranking since the Global Competitiveness Index was created.
The Geneva-based WEF is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional, and industry agenda.
Lacierda said in raising the Philippines’ competitiveness ranking, the WEF took note of the country’s improved national savings, the managed inflation, the low interest rate environment, the lowering debt-to-GDP ratio, and most prominently, the four credit ratings upgrade in just one year in office of President Benigno S. Aquino III.
The Aquino government’s 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, according to Lacierda quoting the report.
“We are aware that the work does not end here. The report acknowledges that there remain challenges for us to hurdle; and we agree,” Lacierda said.
The Aquino administration called on all stakeholders – both in the government and in the private sector – to continue fulfilling their parts in our collective responsibilities so that we can give the people the quality of life they rightfully deserve.
For his part, Socioeconomic Planning Secretary Cayetano Paderanga said investor confidence in the Philippines right now is very high, especially with the significant increase in its competitiveness ranking.
“We want to sustain this by creating an environment that is conducive to possible growth,” Paderanga said.
“What we need to do right now is to ensure that this vote of confidence from the private sector is not compromised and therefore our capacity to address issues arising from these projects,” he added.
To this end, Paderanga said the government may need to employ more consultants and transaction advisers to boost its Public- Private Partnerships (PPPs) program and sustain investor confidence in the country.
“We’re looking for consultants to try to help us in putting up PPPs. We’ve also started looking at more possible transaction advisers. It really dawned on me how (much) actually we lack these kinds of competencies in the Philippines contrary to what my initial impression was,” he said.
PPP Center OIC Executive Director Cosette Canilao said there are around 5 PPP projects that are ready for bidding. These projects include the Department of Health’s Vaccine Self Sufficiency Project, the Daang-hari-SLEX Road Project, the Department of Education’s PPP for Classrooms Project, Puerto Princesa Airport, and NLEX-SLEX Connector Project.