The Philippines stayed at 56th of 140 economies assessed in the World Economic Forum's (WEF) global competitiveness report for 2018.
On the list of 140 economies, the United States is followed by Singapore and Germany at the second and the third positions respectively.
The World Economic Forum, which hosts the annual conference of global elites in Switzerland, said on Tuesday that the United States is the most competitive economy in the world. Each indicator uses a scale from 0 to 100, to signify how close an economy is to the ideal state or "frontier" of competitiveness. In that updated list, the USA finished top as well.
"While it is too early for the data to filter through in this year's report, we would expect trade tensions with China and other trading partners to have a negative impact on the US' competitiveness in the future, were they to continue", Saadia Zahidi, the managing director at the World Economic Forum, said in an email.
Among countries in the Association of Southeast Asian Nations (ASEAN), Singapore remains the most competitive, followed by Malaysia, Thailand, and Indonesia, and the Philippines.
Singapore is the most "future-ready" economy, according to the report, while Sweden has the most digitally skilled workforce. Switzerland is ranked first in terms of the ability to reskill and retrain its workforce, while Germany is supposedly the best when it comes to mastering the innovation process in business.
Importantly, the plan needs to demonstrate a strong sense of collaboration between the public and private spheres, the different sectors in the economy and with other economies, he said.
The overall index assesses a set of factors that determines an economy's level of productivity, a key driver for long-term growth. The presidency of Donald Trump in the United States, as well as the UK's vote to leave the European Union, has threatened to drastically alter the status quo in worldwide trade in recent years. India was ranked 58th with a score of 62.0 in the latest Global Competitiveness Report.
The report also called on governments to implement more inclusive and redistributive tax policies, saying that "it is possible to be pro-growth and inclusive at the same time".