The Philippines significantly improved its global competitive standing, seven notches higher compared to last year, as it landed on the 52nd spot in the World Economic Forum's (WEF) Global Competitiveness Report released today in Geneva, Switzerland.

This was an improvement from the country's 59th place last year.

Philippine Ambassador to Switzerland Leslie J. Baja, who was present during the official release of the report, cited the 2014 WEF Global Competitiveness Report which stated that the Philippines is the “most improved country overall” since 2010.

Officials of the World Economic Forum also said the Philippines has consistently risen in the Global Competitiveness Index (GCI), going up 23 notches since 2010 during the start of the Aquino government.

The Philippines ranked fifth (from being sixth last year) out of the 10 countries in Southeast Asia following Singapore, Malaysia, Thailand and Indonesia. The country has overtaken Brunei (which was fifth last year) and placed ahead of Vietnam, Lao People's Democratic Republic, Cambodia and Myanmar.

The Philippines is also among the Top 5 of “Emerging and Developing” countries in Asia, next to Malaysia, China, Thailand and Indonesia, respectively.

The report said Switzerland retained its spot as the most competitive country. Singapore came in second, while the United States was ranked third (from being fifth last year), followed by Finland which was ranked fourth (from being third last year).

The Global Competitiveness Report’s competitiveness ranking is based on the GCI, which was introduced by the World Economic Forum in 2004. Defining competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country, GCI scores are calculated by drawing together country-level data covering 12 categories – the pillars of competitiveness – that together make up a comprehensive picture of a country’s competitiveness.

The 12 pillars are: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.

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