Abad: Better Business Environment To Lead The Way To Inclusive Growth


Budget Secretary Florencio “Butch” Abad hailed the Aquino Administration’s governance and fiscal reforms as the country leaps five notches in the global competitiveness ranking. The Philippines placed 47th out of 140 competitive economies in this year’s Global Competitiveness Index released by the World Economic Forum (WEF).

“This is proof positive of the success of our fiscal and governance reforms. Together with the improvements in the Philippines’ fiscal and budget transparency rankings, this report shows us that the world supports our drive for good governance,” Abad said.

“We will be the first to admit that there is still more work to do, from streamlining the bureaucracy to improving the country’s infrastructure. But we are heartened by the global recognition of our efforts that is solidifying our reputation as one of the world’s most promising economies,” Abad added.

WEF’s Global Competitiveness Report for 2015-2016 noted the Philippines as moving up by five places to No. 47 out of 140 economies this year, from No. 52 out of 144 in 2014. This report affirms the goal of the National Competitiveness Council (NCC) to place the country at the top third of the world rankings.

The Philippines is also the most improved economy in terms of competitiveness rankings in the ASEAN and the world as it moved by 38 spots in five years, from No. 85 in 2010. The Report assesses global economies against the Index’s “12 Pillars of Competitiveness” based on 114 indicators that drive productivity.

“We’ve seen how the reforms we’ve implemented has helped create a more enabling environment for business that is currently fueling our economic progress. But we can only ensure this becomes inclusive growth if we can sustain the country’s upward development while helping more Filipinos out of poverty,” the budget chief said.

First introduced in 2004, the WEF Global Competitiveness Report monitors the competitiveness of countries based on their performance in 12 categories. The latter includes a country’s institutions, infrastructure, market and economic environment, health and basic education, among others. The report shows improvements among all pillars as compared to 2011 data, particularly with innovation, institutions, and macroeconomic environment.

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