Philippines’ ranking in ECI improving – senator

MANILA, Philippines — The Philippines’ ranking in economic complexity, an indicator of growth, has improved in the last few years, but progress remains hampered by bureaucracy and lack of cooperation between the government and the private sector, Sen. Sonny Angara said yesterday.

Angara made the statement during his online lecture to graduate students of the Public Policy Program of Stanford University, where he noted how the Philippines has managed to jump 10 spots in the Economic Complexity Index (ECI), from No. 45 in 2008 to No. 35 in 2018.

He said the country has the capacity to progress if it is able to take full advantage of its resources and make a mark in the global marketplace.

Over the past six decades, Angara noted how the Philippines has managed to transform itself from a country that ships out primarily agricultural products to one that produces and exports more complex products, particularly in the electronics sector.

 The ECI, which is part of the Atlas of Economic Complexity developed by Harvard University’s Ricardo Hausmann and Massachusetts Institute of Technology’s Cesar Hidalgo, outlines the productive capabilities of a country based on what it is exporting.

Angara said the Philippines ranked 35th, which is not bad, considering that the ranking placed the country fourth in Southeast Asia behind Singapore (5th), Thailand (22nd) and Malaysia (26th).

The Philippines is ahead of Canada (39th), India (42nd) and New Zealand (54th).