The Philippines sees improvement in the Global Innovation Index rankings as it rises to 56th place this year from 59th place in 2022, according to the World Intellectual Property Organization (WIPO) report on Wednesday. The ranking involves 132 economies from across the globe.
The country, however, saw a better ranking in 2021 when it was at 51st place.
Considering the country’s gross domestic product (GDP), WIPO said that the country is doing above expectations.
Additionally, innovation outputs and innovation investments appear to be in a positive relationship, as WIPO highlights how the former is doing more relative to the latter.
Of the seven criteria that GII uses for its rankings, the country is at its highest rank in business sophistication at 38th place. This is followed by Knowledge and technology outputs at the 46th place and Market sophistication at the 55th.
Meanwhile, institutions, infrastructure, and human capital seem to be the nation’s weaknesses as it lags behind most other economies at 79th, 86th, and 88th places, respectively.
Welcoming the country’s Intellectual Property Office of the Philippines (IPOPHL) Director General Rowell Barba said, via the Philippine News Agency, that it’s an “improvement even for only three notches”. That is, relative to the big slide that the country suffered last year.
Out of all the surveyed economies, Switzerland remains supreme as it holds the top spot. Sweden, meanwhile, beat the United States for the second place.
As for the list of economies that made the top ten roster, the United Kingdom, Singapore, Finland, the Netherlands, Germany, Denmark, and South Korea made their cut in it.