The Philippines climbed 4 places in the Global Innovation Index to 50th among 131 economies in 2020 from 54th spot in 2019.
It is also 23 notches higher than 73rd rank in 2018. GII, released by the World Intellectual Property Office, ranks world economies according to their capabilities through 80 indicators grouped into innovation inputs and outputs.
The latest GII report showed the country’s improved ranking in innovation output to 70th. It ranked 41st in innovation input.
It is the second consecutive year that the Philippines performed on innovation beyond expectation for its level of economic development.
The Philippines ranked fourth among the 29 lower middle-income group economies and 11th among the 17 economies in South East Asia, East Asia and Oceania.
It made the most significant progress in the GII innovation ranking over time, along with China, Vietnam and India.
The report said the Philippines continued to stand out for the innovativeness of its business sector and the innovation outcomes produced by its investments, with level of outcomes that remain even above some high-income economies.
The country’s capacity to blend and integrate into global trade also contributed to its high innovation ranking. It ranked first in high-technology imports, third in high-technology exports, eighth in ICT services and 10th in creative goods export.
Among its highest ranking indicators, productivity growth ranked 6th. The country ranked at 7th spot in terms of companies offering formal training and 8th in utility models by origin.
The country’s innovation profile shows top 25 rankings for other indicators like market capitalization, research talent in business enterprises and high-technology manufacturing.
The GII said the Philippines’s performance was an inspiration for other developing countries, as the Philippine government continued to support innovation as a national priority.
Under the Philippine Innovation Act of 2019, the adoption of the GII as an assessment tool of innovation performance is the best example of government’s effort to innovate, which helps in development and sustainable economic growth.
The World Intellectual Property Office released the latest GII innovation report on Sept. 2, 2020.