RP makes great leap from 23 to 8 in survey

The Philippines significantly improved to eighth place in a survey that measures the proportion of "super growth" companies, beating other developed nations like Singapore, Hong Kong and Japan,  international consultancy firm Grant Thornton said.

The Grant Thornton International Business Report (IBR) surveyed 7,200 privately-held businesses in 32 countries representing 81 percent of global gross domestic product (GDP).

The Philippines was previously ranked 23rd in Grant Thornton’s Super Growth Index, which classifies a "super growth" company as one which has grown considerably more than the average measured against key indicators including turnover and employment.

When the index was started in 2004, the percentage of super growth companies in the Philippines was recorded at only seven percent. In the latest ranking, 21 percent of local firms have gained super growth status.

"It’s very interesting to see the Philippines make this significant a jump in the Super Growth Index,"  said Greg Navarro, managing partner and CEO of Punongbayan &Araullo, a member firm of Grant Thornton International.

"I think this reflects the country’s growing economy, what with our GDP averaging over five percent in recent years," he added.

President Arroyo also lauded the dramatic jump in the country’s rankings, noting that this is a testament of good governance. — With Marvin Sy