Upbeat
No. 01.24.14 No. 2101 10.30.2008
PHL, up 8 notches in Economic Freedom Index The Philippines moved up eight notches from No. 97 to No. 89 out of 178 economies in the 2014 Index of Economic Freedom, the National Competitiveness Council (NCC) reported. From 2011’s No. 115, the Philippines' ranking went up 26 notches, making it the most improved economy in the Association of Southeast Asian Nations (ASEAN) and the third most improved economy in the world in the last three years. The country's’ latest score of 60.1 is classified as “moderately free”, an upgrade over 2013’s 58.2 score or categorized as “mostly unfree”. T rade and Industry Information Center Makati City, Philippines Tel.: (632) 895.3611 Fax: (632) 895.6487 publications@dti.gov.ph
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“The Philippines was well on-track to hit its target to be in the top one-third of global rankings by 2016,” NCC Private Sector Co-Chairman Guillermo M. Luz said.
“The improvements in business freedom and investment freedom, in particular, should help attract more attention from foreign investors interested in coming to the Philippines,” Luz added. Published by the Wall Street Journal and the Heritage Foundation annually, the Index measures “a nation’s commitment to free enterprise.” It also rates economies in 10 categories with a broad range of factors including court system efficiency, tax rates, investment restriction, and licensing requirements. Based on the average of these scores, economies are then classified as “free” (score of 80 or higher), “mostly free” (70-79.9), “moderately free” (60-69.9), “mostly unfree” (5059.9), or “repressed” (below 50). Heritage Foundation Director of the Center for International Trade and Economics Terry Miller said that “countries achieving higher levels of economic freedom consistently and measurably outperform others in economic growth, long-term prosperity, and social progress.” Presidential Spokesperson Edwin Lacierda welcomed the positive evaluation, adding that the administration is now more determined than ever to implement lasting reforms based on good governance and true public service. PHL's Economic Freedom Ranking Categories Business freedom Financial freedom Fiscal freedom Freedom from corruption Government spending Investment freedom Labor freedom Monetary freedom Property rights Trade freedom
Ranking 2014 2013 112 69 96 126 4 80 141 64 93 95
135 69 88 127 10 98 128 73 94 93