MANILA, Philippines – The country is the 107th freest in the global economic index with a score of 57.1 in 2012, reflecting an improvement from previous years’ score but still slightly below the world and region’s averages.
According to the recently released Economic Freedom Index by The Heritage Foundation, the Philippines’ score in 2012 is 0.9-point higher than in 2011.
It cited the following key observations:
- Despite the challenging global economic environment, the Philippine economy has been on a steady path of economic expansion
- The government has pursued a series of legislative reforms to enhance the entrepreneurial environment and develop a stronger private sector to generate broader-based job growth
- Overall progress has been gradual, but regulatory efficiency has been notably enhanced.
- The economy has expanded at an average annual rate of close to 5% over the past 5 years
- There are lingering institutional challenges that will require deeper commitment to reform
- Despite some progress, corruption continues to undermine prospects for long-term economic development
- The inefficient judiciary, which remains susceptible to political interference, does not provide effective protection for property rights or strong and transparent enforcement of the law
The index argues that “higher economic freedom is strongly correlated with successful elimination of poverty.”
The 2012 index highlights 10 economic freedoms such as property rights, freedom from corruption, fiscal freedom, government spending, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom, and financial freedom.
See below think tank’s scored the Top 10 countries:
Find out more about economic freedom index in the video below (Note: It’s US-focused, but you’ll get the drift.)
The graphs and video above are available on www.heritage.org. – Rappler.com