This is a re-posted statement.
Purisima: Competitiveness ranking upgrade proof that PH is indeed open for business under new management
“We welcome the significant improvement posted by the Philippines in the 2011-2012 World Economic Forum World Competitiveness Report. The 10-point jump— from 85 to 75— is the biggest jump the Philippines has ever made in the report and is also one of the biggest gains posted by a country for this year. This reflects the Aquino administration’s gains in its first year in office, especially in the macroeconomic environment side.
“This upgrade in our competitiveness ranking is proof that the Philippines
is indeed open for business under new management and another evidence of the positive changes happening in the Philippines under the Aquino administration.
“As noted in the report, the Philippines’ ranking improved significantly in
the macroeconomic environment indicator to 54 this year from 68 in the
2010-2011 report. The indicator noted of the country’s improving national
savings, managed inflation, low interest rate environment, lowering
debt-to-GDP ratio and most importantly, the four upward revisions in our
credit rating posted in our first year in office. This is just another
affirmation from world business leaders of the reforms we have initiated
toward fiscal consolidation and macroeconomic stability.
“Confidence in the new administration was also reflected in how the country performed in sub-indicators showing public trust to politicians (to 128 from 134 last year); transparency in policy making (to 120 from 123); intellectual property protection (to 102 from 103); and judicial
independence (to 102 from 111).
“We are also starting to gain ground in terms of making Philippines more
business friendly as the country becomes ‘open for business under new
management.’ Competitive trade tariffs (to 47 from 52) and improvement on the number of days to start a business (to 112 from 120) were noted.
“In terms of infrastructure, the report counted the improvement in the
quality of our roads (to 100 from 114) and port infrastructure (to 123 from
131). Much however is needed to be done to further boost our infrastructure rating and the Aquino administration remains committed and optimistic about its initiatives to further upgrade infrastructure in the country, both through government spending and through public-private partnerships.
“Rest assured that the Aquino administration will continue to focus on the
fundamentals in order to improve our ranking with an end in view of putting
the Philippines at the top quartile of the rankings by 2016.
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By: Department of Finance, DOF Media Ref No. 11-057
Source: Investor Relations Office, Republic of the Philippines
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