PH drops 4 notches in global innovation survey
MANILA, Philippines - The Philippines dropped four places in terms of its overall innovation performance in a global survey amid lack of policies to encourage innovation and low spending for education and research.
The country placed 95th out of 141 countries this year in the Global Innovation Index 2012 of the INSEAD Business School and World Intellectual Property Organization released on July 3.
The Global Innovation Index released last year placed the Philippines at the 91st spot.
In the Southeast Asia and Oceania region, the Philippines ranked 13th out of 17 countries.
Singapore topped the list in the Southeast Asia and Oceania region, but it placed third in the overall index, following Switzerland and Sweden which ranked first and second, respectively.
The index ranks countries based on their innovation capabilities and results by looking at seven pillars such as institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs and creative outputs.
The report showed that the Philippines got low marks in the institutions and human capital and research pillars.
The country got the 132nd spot in the institutions pillar which covers the political environment or the quality of public and civil services, the regulatory environment or ability to formulate and implement cohesive policies that promote development of private sector, and the business environment which involves the ease of doing business and in payment of taxes.
The report noted that nurturing an institutional framework that attracts business and fosters growth by providing good governance and the correct levels of protection and incentives is essential to innovation.
For the human capital and research pillar which covers public expenditure for education, spending for research and development activities, number of researchers and level of research work, the Philippines placed 121st out of all the countries in the survey.
The level and standard of education and research activity in a country, the report said, are the prime determinants of the innovation capacity of a nation.