The Philippines’ ranking at the World Competitiveness continues to improve as it moved five notches up in the World Economic Forum (WEF)’s Global Competitiveness Index 2015-2016.
Previously ranked as 52nd out of 144 economies, the country now ranks as 47th among 140 economies. The WEF rankings are based on the effect of institutions and policies on the level of productivity of a country.
The Philippines received the highest ranking in terms of macroeconomic environment followed by market size and business sophistication.
However, the country lacked in progress in terms of infrastructure, labor market efficiency and goods market efficiency.
The country’s improvement in the global ranking is welcomed by the foreign business groups, but also pointed out that the Philippines need to focus on the most problematic factors in order to be totally competitive.