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Ph retains 52nd spot in world competitiveness
By Nidz Godino
Improved three spots in terms of governance in 2024 World Competitiveness Report made Philippines remain at 52nd place out of 67 economies in overall competitiveness.
Following release of report by Swiss-based International Institute for Management Development (IMD), Marcos administration renewed its commitment to streamline and digitalize government services to make country more competitive and business-friendly.
Anti-Red Tape Authority (ARTA) made pronouncement as Philippines climbed three spots in the area of “government efficiency” to 49th from 52nd last year.
IMD’s World Competitiveness Ranking for 2024, released last month, showed Philippines placing 52nd out of 67 economies, same ranking in the previous year.
In terms of economic performance, Philippines remained in 40th spot.
As for business efficiency, Philippines’ ranking dropped to 43rd place this year from previous year’s 40th.
In infrastructure, Philippines fell to 61st place this year from 58th last year.
IMD ranks economies using perceptions of executives with statistical data, based on criteria grouped into four factors: economic performance, government efficiency, business efficiency and infrastructure.
President Ferdinand Marcos Jr.has called on government agencies and local government units (LGUs) to promote “ease of doing business to attract investments in the country.”
Last week, ARTA Undersecretary Geneses Abot said President Marcos aims to limit LGU processing of permits to 10 minutes.
Digitalization and wider connectivity are among Marcos administration’s priority programs.
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