The Philippines inched up one notch to 48th in the World Talent Ranking 2020 Report among 63 countries globally but dead last among five countries in Asean.
The report of the Institute for Management Development (IMD) showed in the investment and development, the Philippines performed poorly, ranking 61st out of 63 countries.
The Philippines posted low ranks in most subfactors, with those related to education showing the worst performance.
The report also showed the Philippines’ strong suit remains to be its labor in the appeal factor where it ranked third globally. The Philippines’ appeal factor, at 31st overall, showed little change.
Another strength is in effective personal income tax rate in the readiness factor at 8th but overall, the country fell by 7 spots to 33rd.
“This indicates the increase in Philippines’s ranking is due to a worse performance by other countries,” the report added.
The Philippines joins other Asean economies which performed relatively poorly in the investment and development factor. Indonesia (52nd), Malaysia (34th), Philippines (61st), Thailand (51st), and Singapore (21st).
“This poor performance in impacts the readiness factor, as reflected in the correspondingly low Program for International Student Assessment educational assessment scores.
Singapore is the exception, scoring highly in both expenditure and PISA scores. Over the last few years Philippines, Indonesia, Malaysia all show high labor force growth, while Thailand and Singapore do not,” the report added.
Under appeal, IMD noted the region is attractive to foreign labor. Singapore (5th), Philippines (37th), Malaysia (25th), Thailand (16th), Indonesia (24th).
The World Talent Ranking 2020 Report studies the factors that allow the cultivation, attraction, and retention of a skilled workforce. Not only does the ranking explicate the strengths and weaknesses of each country in meeting its labor demand, but also provides insight into the regional and global trends of the labor market.
This year’s report sheds light on the impact of the new coronavirus disease 2019 crisis and regional political changes including Brexit.
“The current pandemic could prove to be a severe hit to those countries that base their overall competitiveness on the talent economy, as a large part of this is attracting talent from abroad,” the report said.
The report noted with global economies in crisis, the future of hiring the best global talent is under the brightest spotlight in decades.
The authors of the report predict that the importance of national education systems could be about to fade, as companies contract more and more workers from beyond their borders.
Switzerland leads the way for the fourth year in a row, Denmark is second and Luxembourg, third.