Trade Sec. Ramon Lopez said the country should fast track reforms and implement policies that will sustain its competitiveness amid the Covid-19 pandemic.
The Institute for Management Development (IMD) reported early this week that the Philippines improved its ranking by a notch in the World Competitiveness Yearbook (WCY) 2020 to rank 45th from 46th spot last year.
The WCY ranked 63 countries this year in terms of the economic landscape, government efficiency, business efficiency, and infrastructure.
Among the notable indices for the Philippines include the labor market, which was ranked 10th, tax policy at 14th , and employment at 26th place.
“The Philippines stands on solid ground and has the momentum to overcome the current crisis,” Lopez said.
On the other hand, the country is nearly at the bottom of the WCY ranking in the infrastructure landscape which involves basic infrastructure, technological infrastructure, scientific infrastructure, health and environment, and education.
Lopez said the government is pushing through with the “Build Build Build” program, investing heavily on basic infrastructure to fuel the country’s economic rebound amid the pandemic.
“As we enter 2021, the country will strongly recover from the difficulties brought about by this pandemic while being cautious of the challenges and risks that lie ahead in the new normal. The Philippines must be agile to accelerate reforms and pursue impactful economic policies to sustain the country’s growth momentum and competitiveness moving forward,” Lopez said.
Trade Usec. Rafaelita Aldaba added that digital transformation and moving to the fourth industrial revolution will further improve the country’s competitiveness.
“This is a pivotal moment as the crisis has presented opportunities to be more creative and build more resilient industries by repurposing manufacturing, using more data, artificial intelligence, Internet of Things, and accelerating digital adoption with all the startup work and tech innovation building up in the country. We are ready to expand our horizons and help the economy bounce back quickly,” Aldaba said. – PNA release
