Metro Manila (CNN Philippines) — The Philippines drops 10 places in the latest World Economic Forum (WEF) Competitiveness Index.

In its Global Competitiveness Report 2016-2017 released Tuesday, the WEF ranks the Philippines 57th most competitive economy out of 138. The country's overall score of 4.4 (out of 7) is the same for the past three years.

The country receives its highest rank in "macroeconomic environment" at 20th (up four notches), and its lowest rank in "goods market efficiency" at 99th (down 19 notches from last year).

The WEF also conducted an "Executive Opinion Survey" among the country's business leaders to identify problems in doing business. The survey was done between February and June 2016, or during the Aquino administration.

The top five concerns are inefficient government bureaucracy, inadequate supply of infrastructure, corruption, tax rates, and tax regulators.

Singapore is the most competitive Southeast Asian economy, maintaining its second spot in the overall index. Seven of the region's economies are in the upper-half of the index:

Singapore: 2nd

Malaysia: 25th

Thailand: 34th

Indonesia: 41st

Philippines: 57th

Brunei: 58th

Vietnam: 60th

"Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth," said WEF Founder and Executive Chairman Klaus Schwab.

Despite the country's lower performance, the WEF groups the Philippines with Cambodia and China which posted big gains among East Asian and Pacific economies since 2007.