October 12, 2019
The decline in the country’s global competitiveness ranking should be a wake-up call for government to come up with an honest to goodness appraisal of our programs and policies, and how these actually support the dynamism of our economy and ease of doing business in our country, the Philippine Chamber of Commerce and Industry (PCCI) said.
“We need to examine the trends in the past 5 years and ask what worked then that should be continued or replicated,” PCCI President Alegria SIbal Limjoco said.
The Philippines’ ranking in this year’s Global Competitivess Report of the World Economic Forum (WEF), fell to 64th out of 141 countries from last year’s 56th spot due to lower rankings in ICT adoption and macroeconomic stability.
The Philippines got a total score of 61.9 out of 100 points, down from last year’s 62.1.
The country also placed sixth out of the nine countries in Asean.
Limjoco said that while the country’s ranking dropped, its improvement in incidence of corruption, shareholder governance and institutions provides a “silver lining for a country whose public image was for a long time tainted by issues of corruption.”
The Philippines placed 87th for the institutions pillar due to improvements on incidence of corruption, shareholder governance, energy efficiency regulation, renewable energy regulation, and environment-related treaties in force.
“I believe this is a good starting point for initiatives on ease of doing business take off,” Limjoco said.
She added that the Ease of Doing Business law and the strengthening of the Anti-Red Tape Authority (ARTA) should further improve the practice of good governance in the country, where systems and procedures are streamlined and there is greater transparency and accountability.
Limjoco said the government and the private sector must work harder in the transformation of the country by championing regulatory quality and efficiency. Limjoco pointed out that these affect the overall business-enabling environment of the country with consequences on job creations and poverty alleviation.
She also urged the government to lock in significant macroeconomic gains such as managing inflation, monitoring our fiscal deficit, and accelerating revenue collections.
These, she said, will be crucial to ensure government’s commitment to fully fund and execute the infrastructure program which will enable seamless multi-modal transport and infrastructure network connecting various regions and markets as well as lowering cost of infrastructure related services.
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