PHL POSTS LARGEST DROP IN DECADE IN WORLD COMPETITIVENESS RANKING
The Philippines dropped nine notches down in the 2018 IMD World Competitiveness Rankings from 41st to 50th spot out of 63 economies.
This was said to be the country's largest year-on-year decline over the last decade and the sharpest drop among other nations in the Asia-Pacific region.
According to the IMD, the drop was due to the “decline in tourism and employment, the worsening of public finances and a surge in concerns about the education system.”
It added, the key challenges for the Philippines are “investing in quality infrastructure and strengthening human capital investment.”