The Philippines has fallen to number 64 in this year’s World Economic Forum (WEF) global competitiveness rankings, down from 56 in 2018. The rankings rate 141 global economies by 12 competitiveness indices: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism and innovation capability.
For 2019, the Philippines also slipped to 88th position with regard to ICT adoption (down from 67 last year), although the biggest drop was in terms of overall ranking and score. According to Edgar Chua, chairman of the Makati Business Club (MBC) – the WEF Philippine partner that administered the 2019 Executive Opinion Survey, a major component of the Global Competitiveness Report – sustainable development goals (SDGs) are an essential part of ensuring continued economic growth.
In this regard, he said, the global community has a lot of catching up to do if it is to reach its agreed SDG targets by 2030, with the Philippines no exception. In line with this, he called on the business community to be more innovative in its operations in order to help the Philippines deliver on its social and economic goals. He further stressed the need to foster human capital investments and matching innovation benefits, as well as talent development and a well-functioning labor market.