Has the country finally awoken from a deep slumber?
The Aquino administration had given word to the Filipinos that they will aim to diminish graft and corruption in the country, and bring more jobs and opportunities to all, uplifting the economic status of the country, and making the public their “Boss”.
Recently, the country has been enjoying a favourable economic status and the Administration has been actively going after people in power who are said to be “corrupt”. Due to this, the country has raised 10 notches higher in global competitiveness.
Philippines ranked 65th out of 144 countries. This leap added from last year’s 10 notch move at 75th spot.
The World Economic Forum (WEF) has stated that Philippines is one of the few countries who have a two-digit improvement in the global ranking.
The country gathered 4.23 points (out of 7), across all 12 boards. These 12 boards are considered by businesses as major areas for determining a country’s competitiveness.
This year was also the first time that the country has landed on the upper 50 percent of countries ranked by the WEF, said Guillermo Luz, co-chairman of the Philippines’ National Competitiveness Council (NCC).
Luz said the NCC is targeting to have the Philippines join the upper one-third of the global competitiveness rankings by 2016, also by the time the Aquino administration ends. The WEF has 12 categories that the country needs to pass in order to measure its competitiveness. Among the 12, Philippines bested in 11 categories.
The 12 categories are: [government] institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.
The country bested in the institutions category where it landed at the 94th spot, from 117th last year. This is a sign that the Administration has shown that there are improvements in the governance of the country.
In the “infrastructure” category, the country improved its ranking by seven places to 98th; for “macroeconomic environment,” up 18 places to 36th; for “higher education” and training, up seven places to 64th; for goods market efficiency, up two places to 86th; for labour market efficiency, up 10 places to 103rd; for financial market development, up 13 places to 58th; for “technological readiness,” up four places to 79th; for “market size,” up one place to 35th; for “business sophistication,” up eight places to 49th; and for “innovation,” up 14 places to 94th.
The BPO industry of the country has contributed to these improvements due to the “traffic” that it has brought to the economy. It is considered as one of the sparks of the comeback of the economy of the country. The BPO industry has given more job opportunities for professionals, both amateurs and veterans. Due to this increase in employment, more people are enjoying an above-minimum wage; in turn, the people’s ability to purchase has risen. More and more people are into buying. Commercial establishments have become livelier. Also, the industry has brought in dollars to the country. It is the second highest dollar earner in the country, next to the remittances from OFWs. Investment from foreign clients has increased as the country becomes the leading global destination for Business Process Outsourcing.
The only category where the country slipped is in health and primary education, which fell back to the 98th spot.
The Philippines has beaten Vietnam, who is in the 75th place. But it still continues to lag after other Asian economies in the competitiveness ranking. Hong Kong ranked 9th, Taiwan 13th, South Korea 19th, Malaysia 25th, China 29th, Thailand 38th, Indonesia 50th and India, 59th.
Singapore remained the highest ranking among Asian countries, landing on the second spot, the same as its last year’s ranking.
About the Author
Publish on 10/08/2012
is a self-employed blogger and copywriter from the Philippines who loves writing and is always happy to share her passion for blogging.
Older Post:
No comments:
Post a Comment