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PGMA, Cabinet, business leaders happy over result of RP’s resiliency stress test
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May 21, 2009 - 9:47:09 AM

By Joel C. Atencio

MANILA, May 22 (PNA) –- Malacanang and business leaders expressed elation this afternoon over the high ranking obtained by the Philippines in the resiliency “stress test” against the global financial crisis that hit the world and for the country’s economic rebound.

This was announced by Press Secretary Cerge Remonde at a 4 p.m. press briefing after the country’s top business leaders met for three hours with President Gloria Macapagal-Arroyo and Trade and Industry Secretary Peter Favila in Malacanang.

”It’s good to note that there is unity in the country when the public and private business sector leaders work together, especially during these trying times. We should really work together instead of fighting,” Remonde told reporters.

Remonde said that the exports situation seems to be improving with reports on the bottoming out of the global crisis, and the Philippines must be able to take advantage of this economic development.

Aside from Favila, business leader Donald Dee and Ambassador Cesar Bautista were also in the Palace meeting.

They noted that the results of the 2009 World Competitiveness Yearbook released by the Switzerland-based Institute for Management Development (IMD) in partnership with the Asian Institute of Management Policy Center indicated that the Philippines ranked 32nd in the “Stress Test” with a score of 43.71, out of 57 competitive nations covered by the survey.

Its position was just close to the 28th ranking of the United States, which garnered a score of 49.74. Denmark ranked first in the stress test by obtaining a perfect score of 100 percent, followed by Singapore, 96.40; and Qatar, 87.93.

Other countries outpaced by the Philippines in terms of ability to withstand the economic storm are Indonesia, the United Kingdom, Belgium, Slovak Republic, Czech Republic, Colombia, Slovenia, Mexico, Lithuania, Portugal, Estonia, France, South Africa, Bulgaria, Italy, Poland, Greece, Spain, Russia, Hungary, Croatia, Romania, Ukraine, Argentina and Venezuela. (PNA)