The Philippines improved its competitiveness ranking to 47th out of 140 economies this year from 52nd out of 144 economies previously in the Global Competitiveness Report (GCR) 2015-2016. The GCR assessed economies against 12 pillars of competitiveness that drive productivity which includes innovation factors among others. For innovation and sophistication factors, the Philippines landed at the 47th spot, placing 42nd in the business sophistication and 48th in innovation pillar.
In Southeast Asia, the Philippines ranked behind Singapore (second), Malaysia (18th), Thailand (32nd) and Indonesia (37th). Behind the Philippines were Vietnam (56th), Laos (83rd), Cambodia (90th) and Myanmar (131st). Vietnam was the region’s most improved economy, rising 12 spots.