Improved Phl competitiveness traced to good governance

MANILA, Philippines - Finance Secretary Cesar Purisima said the Aquino administration’s good governance initiatives must be credited for the continued ascent of the Philippines in world competitiveness rankings.

 “The Philippines continues its climb up the World Economic Forum’s Global Competitiveness Report Rankings for 2014-2015, jumping seven places to the 52nd ranking out of 144 countries from the 59th ranking out of 148 rankings last year. This signifies our highest ranking yet and a gain of more than thirty places from the 85th spot back in 2010,” Purisima said.

 “This is a clear indication that to this day, four years after President Aquino took office, the platform of ‘good governance is good economics’ remains to be at the cornerstone of the growing competitiveness and development of the Philippines,” he said.

The same sentiment was echoed by Budget Secretary Florencio “Butch” Abad who cited the Aquino administration’s principal role in boosting economic growth.

“Under President Aquino’s leadership, the Philippines has leapt impressively up the competitiveness rankings over the last four years. The WEF has recognized the Administration’s efforts to curb the very same corruption that has long stymied our progress. What we are now seeing is that our governance reforms are bearing fruit. We’re pleased that the world agrees,” Abad said.

Purisima said the continued improvement of the country’s global competitiveness ranking bodes well for the Philippines, which hopes to attract more investments from around the globe.

To build on its momentum, the government is looking at other ways to create an even more favorable business environment and level playing field, Purisima said.

 “The government has aligned its priorities with these opportunities, such as greater investment in quality infrastructure, so we may reap their benefits in the coming years. With these efforts in place, I am confident that the Philippines will go on to cement its role as a major economic player in this region,” Purisima said.

Introduced in 2004, the WEF Global Competitiveness Report tracks the competitiveness of countries based on their performance in 12 categories. The categories – branded as the 12 pillars of competitiveness – include a country’s institutions, infrastructure, market and economic environment, health and basic education, among others.

Abad said the DBM is determined to pursue more budgetary reforms to sustain economic growth.

“The transformation of our budget processes towards increased transparency, accountability, and openness are central to the economic gains we’ve been making in the last four years. We will continue to hew these reforms very closely with the President’s governance and development priorities,” he said.