MANILA, Philippines - Malacañang on Wednesday welcomed the Philippines' strong showing in the 2012-2013 Global Competitiveness Report that showed the country rising 10 places to 65th spot.
The report is published annually by the World Economic Forum.
"This marked improvement builds on last year’s impressive jump from 85th to 75th, or an advance of 20 places since the country ushered in new management two years ago," Presidential spokesperson Edwin Lacierda said in a press statement.
"Notable gains were made with respect to Philippine public institutions (94th, up 23 places) and public trust in politicians (95th, up 33). This represents a steady renewal of social trust and the strengthening of our institutions as a result of the reforms the Aquino administration has pursued since 2010," he added.
Lacierda said the country's showed strong scores in transparency in policy formation, and fairness in awarding of contracts.
"Improvements were also noted in minimizing the following: diversion of public funds (up 27), wastefulness of government spending (up 23), and irregular payments or bribes (up 11)," he said.
"Judicial situations, however, continued to be rated low. Ranked 111th, the quality of judicial decisions in particular will have to be addressed by the new leadership of our courts," he added.
The Phililippines' macroeconomic environment also went up by 18 notches to 36th place.
"These significant gains in the competitiveness of the Philippines are concrete affirmations of the success of the reforms, which we continue to implement and foster," Lacierda said.