Economic freedom: Phl up 10 places to 97th
WASHINGTON – Notable improvements in investment freedom and freedom from
corruption boosted the ranking of the Philippines in the 2013 Index of World
Economic Freedom.
Among 177 countries tracked, the Philippines ranked in 97th place from 107th previously and its score of 58.2 points was 1.1 points higher than last year.
“Weathering the ongoing global economic slowdown with a high degree of resilience, the Philippine economy has been on a steady path of economic expansion, growing at an average annual rate above 4.5 percent over the past five years,” said a report released with the index on Wednesday.
Since 1995, the Washington-based Heritage Foundation, in partnership with The Wall Street Journal, has tracked the march of economic freedom around the world with the Index of Economic Freedom.
The report said notable improvements in investment freedom and freedom from corruption outweighed a decline in business freedom and the Philippines ranked 17th out of 41 countries in the Asia-Pacific region.
The Aquino administration has pursued a series of legislative reforms to enhance the entrepreneurial environment and develop a stronger private sector to generate broader-based job growth, it said.
The report said although the perceived level of corruption has declined in
recent years, more effective anti-corruption measures needed to be
institutionalized.
Among 177 countries tracked, the Philippines ranked in 97th place from 107th previously and its score of 58.2 points was 1.1 points higher than last year.
“Weathering the ongoing global economic slowdown with a high degree of resilience, the Philippine economy has been on a steady path of economic expansion, growing at an average annual rate above 4.5 percent over the past five years,” said a report released with the index on Wednesday.
Since 1995, the Washington-based Heritage Foundation, in partnership with The Wall Street Journal, has tracked the march of economic freedom around the world with the Index of Economic Freedom.
The report said notable improvements in investment freedom and freedom from corruption outweighed a decline in business freedom and the Philippines ranked 17th out of 41 countries in the Asia-Pacific region.
The Aquino administration has pursued a series of legislative reforms to enhance the entrepreneurial environment and develop a stronger private sector to generate broader-based job growth, it said.
Nevertheless, institutional challenges require deeper commitment to
reform.
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