Photo: A new mall rises in Valencia, Bukidnon
MANILA -- The Philippines is steadily becoming more innovative as it faces the onslaught of domestic and global headwinds.
In the latest Global Innovation Index (GII) report, the Philippines rose to number 54 in ranking, up nineteen notches from its previous ranking of 73 in 2018 and 2017.
The Philippines scored 36.18 out of 100, the report also shows. It classifies the Philippines as a lower middle income country. Socioeconomic Planning Secretary Ernesto Pernia on Tuesday, however, said the country is expected to advance to upper middle income status by 2020.
The Philippines is ranked only two notches below India, ranked 52nd, a vastly more populous country which also happens to be its main competitor in the Business Process Outsourcing (BPO) race.
By comparison the three nations with the highest GII rankings in 2019 are Switzerland, Sweden and the United States, scoring 67.24, 63.65 and 61.73 respectively.
Nigeria, Togo and Yemen have the distinction of having the lowest GII score in 2019, ranking 127, 128 and 129 respectively.
The GII is an annually published ranking of a country`s capacity for, as well as its successes in innovation, according to a formula worked out by its publishers. The report is published by Cornell University, INSEAD and the World Intellectual Property Organization to track strides in innovation made by various nations. (PNA)