The Philippines jumped another 10 notches in the World Economic Forum Global Competitiveness Survey for 2012/2013. A significant achievement given that the country just recently increased it’s rank by 10 notches in the previous year’s survey of 2011-2012. After years of decline, we’re recovering from our lowest rank of 85 in 2010-2011, the Philippines now rank 65 out of 144 countries. It’s been a challenging year for many countries, given the severe global economic headwinds, where many of our peers have either stayed or decreased in ranking. Attached a snapshot of our ranking versus countries in the “Transition 1-2” stage. For more detailed information, I’ve attached a link to the Philippines report: WEF Report Philippines.
In the next post, we talk about another survey that recently came out the US Chamber of Commerce/ American Chamber of Commerce ASEAN Business Outlook Survey.
The NSCB released Q2 GDP numbers showing a 5.9% growth. Remarkable numbers given the headwinds from EU debt crises and the weakness of the global economy. This is the 2nd fastest growth among ASEAN-5 members, next only to Indonesia.
According to the NSCB, the Manufacturing sector grew 4.1% in the same period, and we have a mixed bag of growth numbers for the different subsectors. Our biggest sub-sector food manufacturing still sustaining healthy 10% growth, but the fastest growing sector for the quarter is wearing apparel at 73.6% g.r, furniture and fixtures at 64% g.r., footwear and leather 25.6%. Hope to see more of this trend as we strive to diversity our manufacturing sector.