Philippines rises 10 Notches in World Talent Ranking
- According to the 2017 IMD World Talent Ranking conducted Lausanne Business School, Philippines has jumped to 45th position from 55th last year.
- The Philippines has also recorded gains in attracting foreign professionals and skilled labor.
There has been a rise of 10 notches in Philippines global ranking among 63 economies on the basis of growth and development nationally and internationally.
According to the 2017 IMD World Talent Ranking conducted by Lausanne Business School, Philippines has jumped to 45th position from 55th last year. Arturo Bris, IMD World Competitiveness Center Director, that the Philippines is not one of the most competitive economies in the region but is doing fairly well in the education sector. Despite the fact that it lacks investments in education it is still attracting a lot of foreign talent and is doing well in the labour demand market.
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The IMD measure the economics of the country generally on the basis of three factors such as investment in education, student-teacher ratio, health infrastructure and employee training programme. It also includes quality of life, remuneration to foreign professionals and highly skilled worker and career opportunities in the education sector.
Apart from the rise in IMD’s annual talent attractiveness list, Philippines has also recorded gains in attracting foreign professionals. They have risen to the 34th place from 38th as per the records from last year. But the major hindrance in the path is that foreign workers do not consider the Philippines for long-term employment even if they have wanted to as there are certain remunerations only available to Filipinos.
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The list includes not hiring foreign university professors, scientist, and others. Unlike Singapore and Hong Kong who have emerged as financial hubs. It was only possible for these countries because of their liberal labour policies which Philippines lack.