October 11, 2019
SENATE Minority Leader Franklin Drilon has urged the government to double up its efforts to make the country more competitive amid the recent decline in the Philippines’ global competitiveness ranking.
The senator noted that the country’s global competitiveness registered an 8-point drop from 56th in 2018 to 64th this year, just ahead of Vietnam (67th) and Cambodia (106th).
“This only shows that we have a lot of catching up to do in order to make the Philippine economy more competitive,” Drilon said.
According to the latest Global Competitiveness Report of the World Economic Forum (WEF), the Philippine registered the biggest drop in both rank and score on the information and communication technology pillar, placing 88th from 67th last year. The country’s ranking also declined in the area of macro stability, from 43rd to 55th place.
“The government must double up its efforts to make our country more competitive, and in implementing laws that promote fair competition and competitiveness,” Drilon said.
“It is not acceptable that our previous competitor, Thailand, is way ahead of us at 40th place. We must improve our ranking,” he said.
The other Southeast Asian countries were way ahead of the Philippines with Singapore being ranked the most competitive globally. Malaysia was at 27th place, Indonesia at 50th and Brunei Darussalam at 56th.
“We (Congress) should prioritize economic measures that will put the Philippines at par with other countries in terms of competitiveness, including the immediate passage of the amendments to the Public Service Act and the Retail Trade Liberalization Act,” Drilon said.
Drilon authored two measures seeking to attract foreign investment and open up the market to competition.
Senate Bill (SB) 13 proposes to limit the definition of public utility, while opening up other public services to the market.
SB 14 seeks to further relax foreign restrictions by removing investment categories and setting an across the board minimum paid up capital investment equivalent of $200,000 in Philippine peso.
Credit belongs to : www.manilatimes.net