Thu Sep 19 17:07:00 UTC 2024: ## Philippines Slips in Global Talent Rankings, Hitting Five-Year Low

**MANILA, PHILIPPINES** – The Philippines has fallen to its lowest position in five years in the IMD World Talent Ranking 2024, ranking 63rd out of 67 economies. This significant drop is attributed to low investment in education, inadequate apprenticeship programs, and a decline in the prioritization of employee training by the private sector.

According to the IMD, the ranking is based on three factors: Investment and Development, Appeal, and Readiness. The Philippines saw its weakest performance in the Investment and Development category, which considers public expenditure on education, pupil-teacher ratios, and the implementation of apprenticeship programs.

The country’s low investment in education, ranking 55th in total public expenditure and 63rd in expenditure per student, significantly contributed to the decline. The report also highlighted the country’s poor student-to-teacher ratio, ranking 60th in primary education and 63rd in secondary education.

The Readiness pillar, which measures the impact of talent development efforts, also saw a decline. Notably, the Philippines fell in its rankings for the availability of finance skills, the effectiveness of university education, and the prioritization of talent attraction and retention by companies. The report further highlighted a decline in worker motivation, leading to increased “brain drain” concerns.

José Caballero, Senior Economist at the IMD World Competitiveness Center, emphasized the need for the Philippines to revisit its talent development strategy, focusing on streamlining investments in education and aligning them with the specific skills and competencies needed for the economy.

Switzerland remained at the top of the rankings, while Singapore’s steady rise is attributed to its strong performance in the Readiness category. Luxembourg, which claimed the 3rd spot, relies on a robust investment and development approach.

Read More