Malacanang welcomed on Wednesday the improvement on the Philippine ranking in this year's World Competitiveness Yearbook by the International Institute for Management Development.

From 50th spot last year, the Philippines now ranked 46th out of 63 countries in terms of competitiveness, which is measured by using four factors, such as economic performance; government efficiency; business efficiency and infrastructure.

In a statement, Presidential Spokesperson Salvador Panelo said the improved ranking of the Philippines "augurs well for the country and our economy."

"There is an emerging investor confidence in our country. It shows our trade environment remains attractive and viable to foreign businesses," he said.

Panelo, also the chief presidential legal counsel, expressed optimism the country would improve its ranking in the future given the "strong and effective style of governance" by President Rodrigo Duterte.

He said the Duterte administration is putting premium on cutting down red tape and promoting ease in doing business "while we begin to implement the nation’s most ambitious infrastructure program, Build-Build-Build, boost the government’s strategy for sustained and inclusive growth."

Panelo said there is "every reason" to look forward to a bright future for the country's economy and the people.

Singapore ranked first in the IMD World Competitiveness ranking, while Venezuela was at the bottom.

Compared with other Southeast Asian countries, the Philippines was way behind Malaysia (ranked 22nd), Thailand (25th), and Indonesia (32nd). Other ASEAN countries were not included in the competitiveness ranking.

Japan fell by five notches to 30th place. Celerina Monte/DMS