MANILA, Philippines — The Philippines ranked 65th out of 144 countries in the Global Competitiveness Report 2012 of the World Economic Forum (WEF), jumping 10 places from 75th in the 2011 list. The report is a comprehensive assessment of national competitiveness worldwide. It was the first time that the Philippines placed in the top half of the rankings.

“The Philippines is one of the countries showing the most improvement in this year’s edition. It has advanced 22 places since reaching its lowest mark in 2009,” the report said, noting three consecutive years of improved global competitiveness for the country which ranked 85th in 2010 and 87th in 2009. Improvement in public institutions highly contributed to the rise in the Philippine ranking this year, the report said. “The perception is that corruption and red tape are being addressed decisively.”

Malacanang said, “these significant gains in the competitiveness of the Philippines are concrete affirmations of the success of the reforms that continue to be implemented and fostered.” The Makati Business Club, a partner institute of the WEF, said “the Philippines makes important strides this year in improving competitiveness, especially with trust in leaders, improved macroeconomic environment, and financial sector’s support of business activity.” The National Competitiveness Council said the “back-to-back gains reflected the result of efforts from both government and the private sector. We are on the right path, targeting the Philippines to join the upper one-third of the global competitiveness rankings by 2016.” The American Chamber of Commerce of the Philippines cited renewed interest in the Philippines as investment destination of foreign businessmen.

The Geneva-based WEF is an independent non-profit international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional, and industry agendas. For over three decades, the WEF’s annual flagship publication, the Global Competitiveness Report, has studied and benchmarked the factors underpinning national competitiveness.

We greet the Philippine Government, headed by President Benigno S. Aquino III and Vice President Jejomar C. Binay, Makati Business Club Chairman Ramon R. del Rosario Jr., and National Competitiveness Council Co-Chairmen Department of Trade and Industry Secretary Gregory L. Domingo for the Public Sector and Guillermo M. Luz for the Private Sector, for collaborating on programs providing impetus to economic growth. CONGRATULATIONS AND MABUHAY!

original source: www.mb.com.ph