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By Jenina P. Ibáñez, Reporter
The Philippines moved up one place in an annual global ranking of countries’ ability to attract and retain a skilled workforce, but continues to lag behind other Asian-Pacific economies.
The country ranked 48th out of 63 economies in IMD World Competitiveness Center’s 2020 World Talent Ranking report released Thursday, up one place from 49th in 2019 and seven seats of 55th in 2018.
In an email, IMD said the improvement in the overall ranking of the Philippines “is due to the worse performance of other countries.”
Philippines ranked 12th of 14 economies in Asia-Pacificbec, with Singapore, Australia and Hong Kong in the top spots.
In the region, Singapore’s ranking improved, while Malaysia, Thailand and Indonesia recorded small drops. The region performed relatively poorly in investment and development, including Malaysia (34th), Thailand (51S t) and Indonesia (52North Dakota).
Asia-Pacific economies performed well on the attractiveness factor, remaining attractive to foreign labor, IMD said in a press release.
The IMD report took into account three equally weighted factors: “investment and development” in local talent, “attractiveness” or the extent to which the country attracts foreign talent, and “readiness” or availability of skills in the talent pool. .
The Philippines’ ranking on these factors remained the same as the previous year, except for the “readiness” factor, which fell seven places to 33.rd place from 26th the previous year. In “readiness”, the country fared poorly on incoming student mobility and educational assessment. The Philippines also dropped to 13th place in terms of availability of skilled labor, from third place a year earlier.
However, the country ranked third in labor force growth.
The “attractiveness” of the country remained at 31S t place from the previous year, with the Philippines ranked 44th for the subfactor brain drain and 48th for the quality of life.
“The country performs well in the subfactors of personal income tax and cost of living, and shows an increase in the worker motivation subfactor,” IMD said in an email.
The Philippines also kept its 61S t place in the “investment and development” factor.
“This is due to the low ranks in most of the sub-factors, and those related to education show the worst performance,” said IMD. The Philippines scored poorly in pupil-teacher ratios and public spending on education.
Some of the country’s general strengths were the effective rate of personal income tax (8th), Bachelor of Science (11th) and cost of living (15th).
The president of the European Chamber of Commerce of the Philippines, Nabil Francis, said the business group welcomes the country’s improvements in terms of talent competitiveness.
“This demonstrates the immense potential of the country’s relatively young, dynamic and highly literate population to be a globally competitive workforce,” he said in a mobile message.
To enhance the talent of the Philippine workforce given global competition, Mr. Francis said the country should promote skills development, enact an apprenticeship reform bill, and incentivize companies to invest in skills enhancement programs. the abilities.
Switzerland and Denmark celebrated the be1st and 2nd position in IMD’s world talent rankings for the fifth consecutive year. Luxembourg, Iceland and Sweden completed the top five places. The IMD attributed the best performance of European countries to “the excellent education and good mobility of the continent.”
“By 2020, the most competitive economies for talent are those that invest in education… and those that attract an international talent pool,” IMD said.
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