The Philippines rose three ranks to 53rd in the 2024 Global Innovation Index (GII) and, for the first time, claimed third place among 38 lower middle-income economies.
In the GII report released by the World Intellectual Property Organization (WIPO) on Thursday, Sept. 26, the country stood out as one of only seven economies cited for its innovation growth over the last ten years.
Since ranking 100th in the 2014 GII, the Philippines has advanced by 47 positions and leapfrogged from placing 18th among its income group peers a decade ago.
In 2023 — the year surveyed by the 2024 GII — the Philippines excelled the most in Business Sophistication (37th), with the Innovation Linkages sub-pillar driving this progress, in part, boosted by the University-Industry R&D Collaboration indicator which climbed 13 ranks to 44th.
Meanwhile, out of seven pillars, Institutions emerged as this year’s top performer, jumping 14 spots to 65th, as its Regulatory Environment sub-pillar improved by 26 spots to 82nd.
However, the country also faced challenges in 2023. The local innovation landscape reflected the global downward trend in venture capital deals, Patent Cooperation Treaty (PCT) filings and scientific publications, threatening the rise of startups and businesses focused on impact-driven innovation.
In 2023, the inflow of VCs to the country amounted to $158,850, down by 78.3% from the prior year and equivalent to a rank of 40. By count, VC deals fell 39.1% to 73rd.
Additionally, PCT applications declined by 72.4% to 94th and scientific publications dropped by 7.7% to 125th.
“As more startups and entrepreneurs pursue innovation with impact in mind, the call for support grows louder. The GII index reveals this urgent need for increased investments in high-impact technologies. Without capital, the Philippines risks losing its momentum in innovation and its path to environmental and socio-economic progress,” Intellectual Property Office of the Philippines (IPOPHL) director general Barba said.
The GII is an annual report published by WIPO, a specialized agency of the United Nations.
The 2024 GII featured 133 economies ranked according to their innovation capabilities. Their performances are evaluated based on roughly 80 indicators subdivided into innovation inputs and outputs.
