WHILE the Philippines slipped a notch to the 13th spot in the global ranking of economies engaging in sustainable trade best practices, it was included among the countries that rank highly in the environmental pillar due to its “strong” environmental regulations and commitments to international environmental agreements.
In file photo: A corn trader dries corn kernels on an idle road in Santiago City, Isabela, in this BusinessMirror file photo.
“These nations effectively manage carbon emissions, maintain low pollution levels, and prioritize renewable energy sources,” the report also noted. The 2024 STI noted that countries like Hong Kong SAR, the United States, South Korea, China and the United Kingdom lead in this pillar. Under the economic umbrella, the Philippines ranked low in the following: consumer price inflation, 22nd; technological infrastructure, 21st; trade costs and exports of goods and services, 18th; foreign trade and payments risk, 17th, among others pulling down its ranking in this pillar to the 19th spot.
According to Hinrich, the STI analyzes 30 economies including members and applicants of major trade alliances such as the Asia-Pacific Economic Cooperation , the Comprehensive and Progressive Agreement for Trans-Pacific Partnership , and the Regional Comprehensive Economic Partnership .
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