MANILA – The 2012-2013 Global Competitiveness Report that showed the country climbing another 10 notches to 65th spot is evidence of the upward trajectory of the Philippine economy, Presidential spokesperson Edwin Lacierda said in a government press release said.
The Philippines has climbed another 10 notches to 65th out of 144 economies, according to the Global Competitiveness Report 2012/2013, a yearly publication of the World Economic Forum.
"This marked improvement builds on last year’s impressive jump from 85th to 75th, or an advance of 20 places since the country ushered in a new management two years ago," Lacierda said.
The report lists significant improvements in key indicators, most especially for institutions or governance and the macroeconomic environment, he also said.
"Notable gains were made with respect to Philippine public institutions (94th, up 23 places) and public trust in politicians (95th, up 33). This represents a steady renewal of social trust and the strengthening of our institutions as a result of the reforms the Aquino administration has pursued since 2010," he said.
Contributing to this favorable ranking are strong scores in transparency in policy formation (up 23) and fairness in awarding of contracts (up 19), the press release said.
Improvements were also noted in minimizing the following: diversion of public funds (up 27), wastefulness of government spending (up 23), and irregular payments or bribes (up 11)," it also said.
Citing the report, Lacierda noted the judicial situations, however, continued to be rated low.
"Ranked 111th, the quality of judicial decisions in particular will have to be addressed by the new leadership of our courts," he said.*PNA