The Philippines ranked 67th among 151 global economies, according to the 2021 edition of the Elite Quality Index (EQx) by Singapore Management University (SMU), the Switzerland-based nonprofit organization Foundation for Value Creation (FVC), and the University of St. Gallen.
This index highlights the elites’ contribution in enabling or hindering the economic and political growth of their respective societies by assessing whether their policies and business models created or extracted economic value.
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The study featured 107 indicators that were grouped into two subindices like power – which enforces one’s preferences — and value, which viewed the outcome of productive activities.
This reported defined elites as “narrow, coordinated” groups that run the largest income-generating business models alongside successfully accumulating wealth in an economy. The report also included “economic interest groups” and “decision-makers in the political arena.”
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While nine Southeast Asian countries are featured in this list, the Philippines is sixth with Cambodia (73), Laos (83), and Myanmar (120), although Singapore was rated as having the highest “elite quality” in the region and the world.
The Philippines ranked higher in the value subindex (62nd), but was only ahead of Myanmar (107th) in the region. (AW)
