We take note of the results of the International Institute for Management Development (IMD) World Competitiveness Rankings 2018 citing that the Philippines ranked 50th out of 63 economies.
The IMD assessed the country in terms of its economic performance, government efficiency, business efficiency, and infrastructure. Particularly, it reported that the Philippines faces key challenges in the following areas: investing in quality infrastructure; increasing investment in human capital (health and education); strengthening institutions; increasing digital competitiveness; and mitigating political risks.
The Duterte administration is already addressing these issues: The government has started to roll out big-ticket Build-Build-Build infrastructure projects, including the Luzon Bypass Infrastructure project, made our education up to par with the global standards by continuing the K-12 Program, and provided free medicine to the poor. Also, the government ordered the selection of a third telecommunications player to push for better internet services and lower prices for Filipino consumers. Lastly, the President has prioritized the shift to federalism to spur regional development and lessen political risk given that local governments will now have power over their own resources and create policies that will cater to their constituents’ needs.