The Philippines dropped by four spots in the yearly global competitiveness report by the Switzerland-based International Institute for Management Development, amid a number of global uncertainties ranging from inflation to geopolitical issues.
The report ranks countries using 255 criteria spread across four competitiveness factors: economic performance, government efficiency, business efficiency, and infrastructure.
On the other hand, the remaining indicators were based on perception, drawn from an executive opinion survey of mid- and upper-level managers in each of the economies included in the WCY. The country’s business efficiency factor fell from 39th in 2022 to 40th in 2023, while its infrastructure factor, which it characterized as a perennial challenge for the Philippines, also dropped from 57th in 2022 to 58th in 2023.The Philippines’ government efficiency factor suffered the biggest fall, recording a four-place drop from 48th in 2022 to 52nd in 2023.
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