By Hannah Torregoza
Sen. Win Gatchalian says country’s improved ranking in the 2019 Institute for Management Development (IMD) competitiveness report proves Duterte administration is on the right track in terms of achieving economic growth.
Senator Sherwin Gatchalian on Sunday commended the Duterte government after the Philippines’ competitiveness on the 2019 Institute for Management Development (IMD) report showed some improvement.
“The country’s improved ranking in the 2019 Institute for Management Development (IMD) Competitiveness Report is a testament that the Duterte administration is on the right track in terms of achieving sustainable growth, generating jobs and, ultimately, increasing the welfare of its citizens,” Gatchalian said in a statement.
The Philippines ranked 46th out of the 63 economies that were tracked by the IMD’s 2019 competiveness report, climbing four notches from the 50th spot last year.
However, Gatchalian said the government “should not rest on its laurels just yet.”
Gatchalian, who chairs the Senate economic affairs committee, pointed out the report shows the Philippines ranking second to the last among 13 Asia-Pacific countries.
“With our slow investment in physical infrastructure and inadequate investment in human capital being cited as some of the stumbling blocks standing in the way of increased competitiveness,” the senator noted.
“It is high time for the government to prioritize key economic bills, such as the Innovation Bill and the measure amending the Public Service Act, which will help strengthen the current investment regime and make it more adaptable to global business demands and trends,” he said.
Gatchalian, likewise, said the passage of the proposed higher excise tax on tobacco products would also be beneficial in terms of promoting better health for the Filipino people.
The IMD said that for its 2019 report, it evaluated the “extent to which a country fosters and environment where enterprises can achieve sustainable growth, generate jobs and ultimately increase welfare for its citizens.”
In giving a final score, the IMD considered four factors, particularly the economic performance, infrastructure, government efficiency and business efficiency of each country.
The IMD report also said that the Philippines needs to “speed up and sustain investments in physical infrastructure” and “sustain investor and consumer confidence.”