The Philippines jumped 5 places in the World Economic Forum (WEF) Global Competitiveness Index 2015-2016, placing in the top third of the rankings. Improving 38 spots in 5 years (85th in 2010), the Philippines continues to have the largest improvement in both ASEAN and the world for the period.

Philippine Finance Secretary Cesar V. Purisima credits this as a direct result of the unrelenting drive for good governance President Aquino has started back in 2010. “I think the numbers themselves speak volumes: good governance is indeed great economics. If you look at the Philippines’ performance in the World Bank’s Worldwide Governance Indicators (WGI), we have improved leaps and bounds across all indicators.

With the Philippines climbing yet again in both governance and competitiveness rankings, it is clear the President’s vision has set us on a course propelled by a virtuous cycle of better institutions and brighter growth prospects.”

The World Bank’s Worldwide Governance Indicators (WGI), released 25 September 2015, showed the Philippines improving on all 6 of its dimensions since 2010. The WGI report covers six aggregate governance indicators for over 200 countries and territories over the period 1996-present, assessing i) Voice and Accountability, ii) Political Stability and Absence of Violence/Terrorism, iii) Government Effectiveness, iv) Regulatory Quality, v) Rule of Law, and vi) Control of Corruption.

Comparing this year’s results to a base year of 2011, the country leaped 18 places for both political stability and control of corruption. The Philippines climbed 9, 7, 6, and 5 notches for rule of law, regulatory quality, government effectiveness, and voice and accountability, respectively.

“Things going well tells us that we are doing right by our people, and that we must continue to do so. We have come a long way: the gap from where we were to where we are is the strongest encouragement we have to persevere on to where we want to go,” Purisima remarked.