NextGen Day

According to a World Intellectual Property Organization (WIPO) report released on Thursday, the Philippines performed best in business sophistication and came in at position 59 on the 2022 Global Innovation Index (GII).

Despite dropping eight places from last year’s rating to 59th out of 132 nations, the WIPO identified the Philippines as one of the middle-income economies with the fastest innovation catch-up to date, along with China, India, Iran, and Vietnam.

The report said the Philippines “dropped back slightly, underscoring the need for sustained innovation effort over time.”

The country’s institutions perform the worst, according to the GII.

Department of Science and Technology (DOST) Secretary Renato Solidum Jr. said in a statement that the organization is fully committed to fostering the success of the local industry through investments in science and technology facilities and laboratory networks to support the productivity of the local industry.

Leah Buendia, assistant secretary for DOST, said they continue building on their advantages and expanding capabilities in industry 4.0 technology.

According to Buendia, “DOST financed research and development (R&D) institutions and laboratories with an active statewide network for the development of industry and programs for digitization, sustain the industry’s efforts for a more streamlined and efficient process.”

The Philippines dropped one spot from its 2021 position to fifth place among the 36 economies in the lower-middle income group this year.

The nation has held its position as having the 11th-best economy out of 17 in South East Asia, East Asia, and Oceania.

Innovation Inputs and Outputs in the Philippines decreased from 72 in 2021 to 76 in 2022 and 40 in 2021 to 51 in 2022, respectively.

The DOST asserts that the lower ranking in 2022 was mostly brought on by lower performance ratings in Knowledge and Technology Outputs, primarily a function of knowledge development, knowledge impact, and knowledge diffusion.

GII rates the world’s economies according to their ability to innovate, considering both their innovation inputs and outputs.

According to WIPO, the coronavirus pandemic, sluggish productivity growth, and other shifting obstacles are some of the challenges that are being considered as the GII follows the most recent global innovation trends.

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