Manila slips in financial center ranking

Manila slid three spots to 103rd out of 119 global financial centers in the biannual Global Financial Centers Index (GFCI) that assesses the competitiveness of financial centers around the world. The country’s total GFCI rating, however, went up 38 points to 584 from 546 previously. The Philippine capital lags behind its peers due to the “lack of quality infrastructure,” a financial technology (fintech) consultant said in the report. “Social and political problems remain. But it has improved and modernized significantly in the past 20 years into a massive megacity full of life and fun. It should work on its branding and how it markets itself,” the consultant said. A separate assessment on fintech ranks Manila at 77th out of 113 financial centers in terms of how respondents perceive the competitive environment and fintech offerings.