DTI sees further gains in competitiveness ranking

MANILA, Philippines — The Department of Trade and Industry (DTI) is optimistic of improvements in the Philippines’ ranking in other competitiveness surveys after the country advanced by four notches to reach the 46th spot out of 63 countries in the latest World Competitiveness Yearbook of the International Institute Management for Development (IMD).

Trade Secretary Ramon Lopez said yesterday he is upbeat the latest achievements in the 2019 World Competitiveness Yearbook of the IMD is a precursor to more positive results from other competitiveness surveys, particularly that of the World Bank’s Ease of Doing Business Report. 

“For the past year, the entire government – executive, legislative, judiciary – has been working as one to promote national and regional competitiveness.  With the latest results of the IMD competitiveness rankings, we underscore the initial outcomes from this whole of government approach and increased private-public sector collaboration,” he said.

Released yearly, the IMD’s competitiveness report ranks countries based on official statistics and an executive opinion survey.

In the latest 2019 IMD World Competitiveness Yearbook, the Philippines saw its ranking rise from last year’s 50th place given significant improvements on all four indicators measured in the report such as economic performance, government efficiency, business efficiency and infrastructure.

While the Philippines had gains on all four indicators, the IMD report showed there are still challenges which have to be addressed.

In particular, the country needs to accelerate and sustain investments in physical infrastructure, as well as resolve inadequate investment in human capital.

There is likewise a need for the country to address digital competitiveness and future-readiness, work on sustaining investor and consumer confidence, and address persistent political risks.

Lopez said the government would continue efforts to improve competitiveness and ease of doing business in the country.

This, as he said competitiveness and ease of doing business is among the priorities under the socioeconomic agenda of President Duterte.

“We are changing the way government is providing public services – such as streamlining and automating licensing procedures. Our Build Build Build program is currently on track. We are gearing up our industries, enterprises and government to maximize the opportunities of the digital economy combined with a huge domestic market of the Philippines. We are pursuing a national competitiveness agenda anchored on regional competitiveness with its four pillars namely: economic dynamism, government efficiency, infrastructure and resilience,” he said.

He also said the government would do more by continuing financial and investment reforms, and pursuing the aggressive infrastructure development program, as well as further streamlining all government procedures for ease of doing business.

With the steps being taken, he added the government expects to see an even better competitiveness position in the next review.