The Philippines has moved ten notches up in the latest World Economic Forum (WEF)’s Global Competitiveness Report, marking a "large improvement" among other nations for this year's rankings.



From 85th place, the Philippines now ranks 75th out of 142 countries, according to the WEF report.



"Up 10 places to 75th, the Philippines posts one of the largest improvements in this year’s rankings," WEF added in its Global Competitiveness report.



The report noted that the country's macroeconomic situation is "more positive," with PH up 14 places and ranking 54th in the macroeconomic environment pillar.



The report attributed the macroeconomic improvement to the "slightly lower public deficit and debt, an improved country credit rating, and inflation that remains under control."



Philippines also placed 57th in the business sophistication category, which WEF said is due to a "large quantity of local suppliers, the existence of numerous and well-developed clusters, and an increased presence of Filipino businesses in the higher segments of the value chain."



Despite the relatively huge improvement, WEF said challenges for the Philippines remain.



The WEF report noted that public institutions in PH are still assessed as poor, with the country ranking beyond the 100 mark in several indicators.



The report noted that despite a high enrolment rate of 90 percent, "primary education is characterized by low-quality standards," placing the country at 110th.



For corruption and physical security, PH "appears particularly acute," with rankings of 127th and 117th, respectively.



And although "infrastructure is improving marginally," the growth is not "fast enough to meet the needs of the business sector."



"The country ranks a mediocre 113th for the overall state of its infrastructure, with particularly low marks for the quality of its seaport (123rd) and airport infrastructure (115th)," the WEF Global Competitiveness Report added.



WEF noted that PH could improve on labor, where the country ranks 113th and "has shown very little progress over the past four years."



In a separate statement, Malacanang said it is elated over the WEF report.



"Since June of last year, our administration has been very active in showing the world that the Philippines is open for business; and thus it is good to see that our efforts have manifested themselves in these rankings," presidential spokesman Edwin Lacierda said.



"We are aware that the work does not end here. The report acknowledges that there remain challenges for us to hurdle; and we agree," he added.



























































