Philippines ascends 10 places in ‘Economic Freedom’ list

The Philippines jumped 10 notches in a global survey of countries rated on 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.

“The Philippines makes important strides this year in improving competitiveness—albeit often from a very low base—especially with respect to its public institutions,” The World Economic Forum (WEF) said in its 2012-2013 Global Competitiveness Report, which was released Wednesday worldwide.

The WEF said the Philippines was one of the few countries that registered a double-digit improvement in ranking this year.

The Philippines’ economic freedom ranking in 2013 is the highest since 2006 when the country ranked 96th. In the Asia-Pacific region, the Philippines ranked 17th out of 41 countries even as its overall score was slightly below the world average.

The report noted the country’s improvements in investment freedom and freedom from corruption, outweighing a decline in business freedom, labor freedom and monetary freedom.

“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,” Heritage Foundation said.

According to the foundation’s index, the top 10 freest economies are Hong Kong, Singapore, Australia, New Zealand,
Switzerland, Canada, Chile, Mauritius, Denmark and the United States.

In Southeast Asia, the Philippines trailed Malaysia (56th) and Thailand (61st), but was ahead of Indonesia (108th) and Vietnam (140th).

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