The Philippines improved its ranking to 54thin the latest Global Innovation Index (GII). The country made an impressive 19 notches marking the biggest leap among Southeast Asian countries.
GII, which measures the performance of countries in terms of innovations can still improve since this performance was not big enough to outpace other SEA countries to attract relevant foreign investments.
The Philippines overtook Brunei to rank fifth among eight Asean members included in the survey, also beating Indonesia and Cambodia. Singapore retained its lead followed by Malaysia (35th), Vietnam (42nd) and Thailand (43rd). Overall the Philippines scored 36.18 points out of 100. On the other hand, Switzerland, which ranked first, scored 67.24 points.
The Philippines showed improvements in the survey’s grading system, except under market sophistication, which analyzed the country’s ability to allow firms or individuals to easily get credit.
Trade and Industry Secretary Ramon Lopez discussed the results as recognition on the efforts of various government agencies in helping to improve micro-smail and medium-sized enterprises (MSMEs).
Secretary Lopez added that there will still be further improvements in the country’s ranking with President Duterte’s green light of the Philippine Innovation Act, which set up a P 1-billion fund and the Innovative Startup Act, which granted incentives to new businesses.
With additional reports: Roy Stephen Canivel, Philippine Daily Inquirer
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https://www.untvweb.com/news/phl-climbs-19-spots-in-global-innovation-index-2019/
https://www.pna.gov.ph/photos/32815
