THE Philippines’s ranking jumped up five notches in the latest World Economic Forum (WEF) Global Competitiveness Index (GCI) to 47th place from 52nd in 2014 out of 140 economies.
This was one of the findings in the recently-released 2015-2016 Global Competitiveness Report, which also showed that one of the country’s best performance improvements was in the Labor Market Efficiency (LME) ranking, which lifted by nine notches to 82 this year from 91 last year.
LME is one of the GCI’s 12 pillars of competitiveness.
Many indicators that fall under the LME pillar showed marked improvement, such as Hiring and Firing, leaping by 30 notches from 104th to 74th.
According to Labor Secretary Rosalinda Dimapilis-Baldoz, these improved rankings are the gains resulting from the implementation “of institutional, systems, policy, and program reforms in the labor and employment front.”
Some of these policy and program reforms are contained in the Philippine Labor and Employment Plan and the Department of Labor Roadmap to Decent Work.
Baldoz said the Department of Labor and Employment will continue to address the issues of youth unemployment, employability of workers and competitiveness of enterprises.
She added that they are also studying a two-tier wage system that will encourage productivity and the implementation of the new Labor Laws Compliance System, as well as other systems, programs and policies.
Along with improved rankings in the WEF GCI, the country also notched better scores in five out of six indicators in the latest World Bank Worldwide Governance Indicators (WGI) survey.
The Philippines improved its scores in the following: voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality and rule of law.
These markers indicate that the good governance policies and reforms instituted by the Aquino administration are resulting in an improved business environment and a robust business sector. These lead to better job opportunities, a more productive economy and a higher standard of living for Filipinos.
Also in line with these improved performances, Economic Planning Secretary Arsenio M. Balisacan says that economic growth could still reach 6 percent this year, despite a slowdown to 5.3 percent in the first half of the year.
The Philippines, he said last week, is still “one of the best performers among the emerging economies, especially when one considers the general weakness of the global economy.”
He added that should infrastructure and investments be sustained, the economy has the potential to grow 7 percent to 8 percent annually over the next few years, “as advanced economies are expected to recover next year.”
This anticipated growth looks even more likely should the expected increase in total exports next year become reality.
Despite global uncertainties and the risks brought by the El Niño, exports are forecasted to exceed $100 billion for the first time next year, according to a report by the Department of Trade and Industry.
This target takes into account expected slowdowns in Japan, the US and China, the top 3 markets for Philippine exports, and the impact of changed global weather conditions upon the availability of raw materials.
Investment commitments are also anticipated to reach P779.6 billion next year compared to the projected P719 billion this year.
Should forecasted targets next year be reached, we can once more expect better rankings in various economic surveys, as proof of the value of good governance in improving the economy and, ultimately, the lives of Filipinos.
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I and my fellow directors of the Philippine Charity Sweepstakes Office (PCSO)—lawyers Mabel Villarica Mamba and Francisco Joaquin III—were in Dipolog City on September 28 to turn over ambulances and Lotto share checks to municipalities there.
We gave 15 brand-new ambulances from the PCSO Ambulance Donation Program to Kabasalan in Zamboanga Sibugay; Rizal, Sirawai, Godod, Tampilisan, Polanco, Liloy, Baliguian, Katipunan, President Manuel Roxas and Sergio Osmeña Sr. in Zamboanga del Norte; to Dapitan City, Dipolog City, Labason District Hospital, and Zamboanga del Norte Provincial Health Office.
As for the checks, municipalities, cities and provinces that host PCSO Lotto outlets receive a corresponding share from game sales for their social-welfare programs.
The PCSO will be holding more ambulance donation, as well as branch opening activities until the end of the year, in line with agency targets and commitments.
Atty. Rojas is vice chairman and general manager of the Philippine Charity Sweepstakes Office.