MANILA MalacaAang on Wednesday hailed the recent improvement of the country in this year's World Competitiveness Yearbook published by the International Institute for Management Development (IMD).
In a statement, Presidential Spokesperson Salvador Panelo said the Philippines' improved ranking "augurs well for the country and our economy".
"There is an emerging investor confidence in our country. It shows our trade environment remains attractive and viable to foreign businesses," he said.
Panelo attributed the improvement to President Rodrigo R. Duterte's "strong and effective style of governance".
"Putting premium on cutting down red tape and promoting ease in doing business while we begin to implement the nation's most ambitious infrastructure program, 'Build-Build-Build,' boost the government's strategy for sustained and inclusive growth, Panelo said.
From last year's 50th spot, the Philippines jumped to 46th in terms of competitiveness, measured by using four factors: economic performance; government efficiency; business efficiency; and, infrastructure.
"We improved in all four," Panelo said.
According to its website, the IMD defined competitiveness as both a tool and an objective of economic policy.
"Ultimately, it allows us to recognize the factors that facilitate prosperity. And this is how we expect our rankings to be used and interpreted," it said.
Singapore topped the IMD World Competitiveness Yearbook 2019 list, dislodging the United States, which skidded to third spot behind Hong Kong Special Administrative Region of China, while Switzerland and United Arab Emirates completed the top five.
Saudi Arabia posted the highest improvement, jumping by 13 positions from 39th to 26th place. (PNA)
Source: Philippines News Agency