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MANILA - The Philippines dropped two notches in the IMD's world competitiveness ranking, as the country faces challenges in maximizing the favorable economic environment to implement political and economic reforms.
According to the survey results released by the Asian Institute of Management Policy Center on Thursday, the country ranked 43rd this year in terms of overall ranking, down from 41st last year.
In the Asia-Pacific region, the Philippines retained its 13th spot for the fourth consecutive year.
The report said the Philippines has to induce the positive impact of economic growth and translate it into human development and employment.
The government still has to work on encouraging more investments and further develop the export industry. It must also improve the business environment and mitigate disaster risks and strengthen public-private partnerships.
The survey also showed that the country has to fast-track the development of physical, institutional and social infrastructure to meet these challenges.
From a list of 15 indicators, the Philippines performed well on five items. The chart shows the percentage of responses per indicator, from the highest number of responses to the lowest.
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