Thu Sep 19 16:27:00 UTC 2024: ## Philippines Lags Behind in Global Talent Ranking, Slips to 63rd Place

**MANILA, PHILIPPINES** – The Philippines has fallen to near the bottom of the global ranking for attracting and nurturing skilled workers, according to the International Institute for Management Development (IMD) World Talent Ranking 2024. The country landed in 63rd place out of 67 economies, dropping three spots from last year and significantly lower than its 48th ranking just four years ago.

The decline is attributed to a drop in scores across three key areas: investment and development, appeal, and readiness. The Philippines ranked 64th in investment and development, 54th in appeal, and 52nd in readiness, highlighting weaknesses in areas like public spending on education and the quality of education.

While the Philippines boasts strengths in cost of living and personal income tax, its biggest weaknesses lie in investment in development, particularly in areas like public spending on education per student and pupil-teacher ratios.

The IMD report highlights the growing impact of Artificial Intelligence (AI) on the global talent landscape. AI is acting as an equalizer across nations, transforming or replacing jobs in developed economies. While AI could potentially benefit countries in the long term, it could also exacerbate exclusion and discrimination due to varying access to the technology.

The report urges policymakers to streamline regulation to minimize the impact of AI adoption and emphasizes the need to focus on educational and labor market policies, especially in terms of retraining and upskilling. The report recommends prioritizing education and training in AI and Web3 technologies to stay competitive in the evolving job market.

The Philippines faces a critical challenge in addressing its shortcomings in attracting and retaining skilled workers in a rapidly changing global landscape. Addressing weaknesses in education, investment in development, and promoting inclusivity in the adoption of AI will be crucial for the country to improve its position in future talent rankings.

Read More