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Purisima forecasts influx of more foreign investors to PHL vis-à-vis hike in global competitiveness position

Posted on September 3, 2014

By Joann Santiago

MANILA, Sept. 3 (PNA) — Finance Secretary Cesar Purisima is confident of the entry of more foreign investments in the Philippines following further improvement in the country’s ranking in the World Economic Forum (WEF) Global Competitiveness Report.

According to the 2014-15 WEF Global Competitiveness Report, the country’s ranking jumped by seven positions to 52nd among the 144 included in the list.

This is a big improvement compared to last year’s 59th position and the 85th in 2010.

Purisima noted the big improvement in the “institutions” pillar after the country’s ranking rose to 67th from 79th in the 2013-14 report.

Similarly, the country is now in rank 26 from 40th on the macroeconomic environment.

”This is a clear indication that to this day, four years after President Aquino took office, the platform of “good governance is good economics” remains to be at the cornerstone of the growing competitiveness and development of the Philippines,” he said.

The Finance chief pointed out that “the role of the Filipino people’s ingenuity and creativity in driving investors’ confidence is again showcased in this report as marked by the improvement in our “innovation” pillar ranking, up to 52nd this year from 69th last year.”

He stressed that this development “augurs well for sustained positive business sentiment in the Philippines.”

He explained that “while we celebrate this newfound dynamism and openness of our business environment, we are aware of other opportunities yet untapped in creating an even more attractive and level playing field.”

He cited that “the government has aligned its priorities with these opportunities, such as greater investment in quality infrastructure, so we may reap their benefits in the coming years.”

”With these efforts in place, I am confident that the Philippines will go on to cement its role as a major economic player in this region,” he added. (PNA)

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