The Philippines is ranked 54 on the UNCTAD’s list of the most innovative countries for their use of new technologies

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With a score of 0.62, up from a score of 0.60 in the previous survey, the Philippines ranked at number 54 out of 166 nations based on their adoption of cutting-edge technology over the last year.The United Nations Conference on Trade and Development (UNCTAD) ranked the Southeast Asian country in the center of its Frontier Technology Index. Nevertheless with such a good position, the Philippines fell 10 spots from the 2021 report’s ranking of 44.

The UNCTAD took into account a number of aspects before issuing the list, including the level of openness among the local populace to cutting-edge technologies. Frontier technology encompasses blockchain technology, the Internet of Things (IoT), 3D printing, nanotechnology, and artificial intelligence (AI), among others.Relative to other Southeast Asian nations, the Philippines did substantially better than the rest of the pack, just falling behind the quartet of Singapore (3rd), Thailand (49th), and Malaysia (32nd) (32nd). Indonesia, Cambodia, and Myanmar placed 85th, 112th, and 133rd ranks, respectively.

“Although poor nations are the least prepared to employ frontier technologies, numerous economies in Asia have implemented key policy reforms that have enabled them to do better than projected according to their gross domestic product (GDP) per capita,” said the UNCTAD.Going further, the UNCTAD advised developing nations to exploit the uncommon chance given by frontier technology to climb up the socioeconomic ladder. Rebeca Grynspan, Secretary General of the UNCTAD, highlighted that governments should concentrate major attention toward frontier technologies to foster local innovation.

“Developing countries must capture more of the value being created in this technological revolution to expand their economies,” said Grynspan. “Missing this technology wave because of insufficient policy attention or lack of targeted investment in creating capacities would have long-lasting negative implications.”The Philippines’ slump expanded into its Technology, research and development, and finance industries, with only its skill indicator moving upward.

A January report from the Philippine Economic Zone Authority (PEZA) showed an increase in foreign investments in the zone. PEZA’s Officer-in-Charge Tereso Panga stated the figure represented an 83.69% rise from January 2022, with a substantial share of the investments going into the Technology industry.PEZA claimed that it is targeting a 10% investment rise, considering the data obtained early in the year, as the nation aims to build its digital economy. Analysts have highlighted an absence of regulatory high-handedness in the sector, which may encourage innovation in Web3 and digital currencies for the country.

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