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| photo credit: www.gglc.ph |
The Philippines’ economic freedom score is 60.1, making its
economy the 89th freest in the 2014 Index. Its score is 1.9 points higher than
last year, reflecting notable improvements in investment freedom, business
freedom, monetary freedom, and the control of government spending. The
Philippines ranks 16th out of 42 countries in the Asia–Pacific region, and its
overall score is slightly below the world average.
Over the 20-year history of the Index, the Philippines’
economic freedom score has advanced by 5.1 points. Improvements in seven of the
10 economic freedoms, including significant gains in trade freedom, investment
freedom, and freedom from corruption, have been partially offset by a
deterioration in property rights. With its third consecutive year of overall
score improvement, the Philippines has risen back to “moderately free” in the
2014 Index.
Demonstrating a high degree of resilience, the Philippine
economy has recorded average annual growth of around 5 percent over the past
five years. The government has pursued a series of legislative reforms to
enhance the investment environment and incentivize broader-based private-sector
job growth. Despite progress, lingering institutional challenges will not be
overcome without a deeper commitment to reform. Although the perceived level of
corruption has declined, more effective anti-corruption measures need to be
firmly institutionalized.
Source: www.heritage.org
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