Saturday, July 13, 2024

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The Philippines is one of the leading countries in improving their ranking in the global innovation index.


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The Philippines was recognized as one of the most improved countries over the past decade, according to the recently published Global Innovation Index (GII) 2023. It achieved a rank of 56th in the index.th

According to the World Intellectual Property Organization (WIPO), 132 economies were included.

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The GII rankings for the Philippines improved by three places this year, with a score of 32.2 out of 100. In 2022, the country’s ranking was 59th.th.

The index evaluates the ability of economies to innovate using two sub-indices: input and output.

Philippines climbs to 56<sup>th</sup> in 2023 Global Innovation Index

The index measures the economy’s capacity to support innovation through institutions, human capital, research, infrastructure, market sophistication, and business sophistication.

Alternatively, the output sub-index for innovation evaluates how well economies facilitate innovative activity through their knowledge and technology outputs and creative outputs.

The Philippines ranked 69th in innovation inputs, from 76thnd

The ranking was 52nd a year prior.nd

In terms of innovative results, there was a decrease of one rank from 2022.

According to WIPO, the Philippines received the highest ratings in business advancement, knowledge and technology achievements, and market development, but its lowest ratings were in human resources and research, infrastructure, and institutions.

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Out of 37 lower-middle income countries, the Philippines was ranked fourth in terms of its ability to innovate, coming after India (ranked 40), Vietnam (ranked 46), and Ukraine (ranked 55). Within the group, it placed 11th.th

Out of the 16 economies in Southeast Asia, East Asia, and Oceania.

In response to the findings, Director General Rowel S. Barba of the Intellectual Property Office of the Philippines stated that the country must generate a greater number of intellectual assets to combat the decrease in innovation outcomes.

“Filipinos need to urgently produce more knowledge assets that positively impact markets and society, in effect, reversing the decline of our innovation outputs to 52nd from 51st in 2022 and 40th

“In 2021,” stated Mr. Barba.

However, we understand that it may be difficult to introduce new ideas during these circumstances due to the presence of high inflation, policies aimed at reducing monetary growth, and tensions in international relations.


He stated that the upgraded innovation ranking is a positive advancement, however he also mentioned that we must remain unsatisfied.fied.”

“Dissatisfi

“He stated that the impact of innovation is not limited to our current position on the global innovation scale, but also extends to the various aspects of our surroundings, including products, solutions, systems, processes, and practices.”

He stated that we must instill in Filipinos a mindset of constant innovation in order to challenge societal norms, until innovating becomes our standard.

According to Leonardo A. Lanzona, Jr., an economics professor at Ateneo de Manila, the increase in ranking is primarily attributed to the use of digital technology.

According to Mr. Lanzona’s email, some of our employees are working on digital platforms, where transactions are conducted online.

Although he mentioned that the agreement does not signify that Filipino laborers have a higher standard of living compared to those in other nations, as a significant portion of their tasks involve low-value tasks and inadequate working environments, leading to a prevalence of underemployment.

The statement suggests that we are not effectively utilizing our apparent familiarity with these technologies. Individuals participate in these transactions because they have no alternative, according to him.

According to Michael L. Ricafort, Chief Economist of Rizal Commercial Banking Corp., the progress could be attributed to the continued reopening of the economy.

2022 lockdowns will be smaller”

He stated that there will not be any major lockdowns after 2022, and that the lockdowns in 2022 will be smaller.fi

Mr. Ricafort stated that the return to in-person schooling in August 2022, after a 2.5 year restriction, has helped to improve productivity and innovation.

The speaker mentioned that the BPO industry, ranked second after India, will also contribute to promoting innovation.

The utilization of technology and creativity to enhance its position in the upper levels of the worldwide supply and value chain will be necessary and unavoidable… particularly with the rise of AI and the requirement to incorporate AI-related technologies,” stated Justine Irish D. Tabile.