The Philippines improved its ranking among the world’s freest economies as it jumped six notches in The Heritage Foundation’s 2016 Index of Economic Freedom, from 76th to 70th place.
The country recorded 63.1 out of 100 points, the highest score it received since the index started in 1995. This was higher than the 62.2 points that the Philippines recorded last year.
The Philippines was the 14th freest among 42 economies in the Asia-Pacific region.
Echoing the report, presidential spokesperson Edwin Lacierda cited the country’s “management of public finance and progress in improving the entrepreneurial environment, including the government’s efforts to develop a more vibrant private sector” as factors in the improved ranking.
“These results once again affirm our belief that good governance is good economics. Apart from serving as a strong testament to the effectiveness of reforms, this positive news clearly shows how the Philippines has been progressing under the Aquino administration, and points toward even greater development—so long as we continue along the Straight Path,” Lacierda said in a statement.
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“During the next elections, it will be up to our Bosses to chart the country’s future—whether we will gainfully sustain this upward trajectory, or either return to the regressive ways of the past or head toward an uncertain future,” he added.
The Philippines steadily improved its score in the past years, recording a gain of six points since 2012.
“The index also noted the steady growth of the Philippine economy over the past five years, as well as the gradual modernization of the financial sector. In terms of regulatory efficiency, the report observed that the time and cost of dealing with licensing requirements have notably improved,” Lacierda said.
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Hong Kong emerged as the freest economy with an overall score 88.6, followed by Singapore (87.8), New Zealand (81.6), Switzerland (81.0), and Australia (80.3).
North Korea (2.3), Cuba (29.8), Venezuela (33.7), Zimbabwe (38.2), and Turkmenistan (31.9) landed at the bottom of the list.
The Index of Economic Freedom, now on its 22nd year, “tracks the progress of economic freedom around the globe and documents the powerful positive impact of advancing economic liberty.” CDG
READ: PH improves economic freedom score