The Philippines' moved up in this year's FM Global Group's Global Resilience Index to 89th place from last year's 94th. The recently released index compiles economic, supply chain, and risk quality data from countries all over the world to show the resiliency of national business environments.
FM Global releases the index to help executives when it comes to "looking holistically at potential business vulnerabilities and opportunities around the world." Through the ranking, 130 countries are scored based on political and macroeconomic influences, exposure to natural hazards, and control of corruption, among others.
In total, the Philippines scored 41.5 points. Under economic and supply chain resilience, the country scored 42.6 and 42.1, respectively. But, the total score was even more brought down from a 34.7 score for risk quality.
Western European countries dominated the top 10, with Denmark leading the way as it improved fire risk quality based on evaluations. Norway and Luxembourg followed at the second and third spots. While Iran, Venezuela, and Haiti landed at the bottom of the index.
Researchers note that 56 countries and territories included saw substantial changes in the past year which led to risers, fallers, and movers. The unexpected challenges included climate risk, disease, political upheaval, cyber attack, and more.
