MANILA, Feb. 2 (PNA) — The Philippine government on Tuesday hailed another improvement on the country’s ranking on the 2016 Index of Economic Freedom after reaching the 70th place against 178 countries, up from 76th last year.
US-based think tank Heritage Foundation said economic freedom in the country is now “moderately free” after getting a score of 63.1 percent out of 100 points.
Improvement of the country’s ranking is among the best in the past six years after it jumped by a total of 45 notches since 2010.
This latest development came after the think tank cited the improved capacity of Filipinos and investors to own properties, generate income, consume goods and services and to do business.
“The Philippine economy has been growing steadily at an average annual rate above six percent the past five years. The government has pursued legislative reforms to enhance the entrepreneurial environment and develop a more vibrant private sector to generate broader based job growth,” Heritage Foundation said in the report released Monday.
Presidential Spokesperson Edwin Lacierda, in a statement, said the government welcomes the latest feat on the country’s economic freedom.
He said the latest ranking is the highest for the country since the index began in 1995, placing the country as the 14th freest among 42 Asia Pacific countries included in the survey.
Citing results of the survey, the Palace official said the think tank cited the country’s management of public finance, progress in improving the entrepreneurial environment, steady growth of the domestic economy in the past five years, gradual modernization of the financial sector, and improvement on the time and cost of dealing with licenzing requirements.
“Apart from serving as a strong testament to the effectiveness of reform, 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,” he added.
Finance Secretary Cesar Purisima, in a statement, attributed the rise of the country’s economic freedom to the good governance bid of the Aquino administration.
He said the current administration is committed “to better our institutions and improve business environments to facilitate robust private sector growth.”
“The consistency of results and recognition in the past six years mean only one thing: We must keep the faith in our governing principles. We will continue to expand the field of economic opportunity to enlarge the share of Filipinos benefiting from and contributing to the gains we are making,” he added.
Also, National Competitiveness Council Co-chair Guillermo Luz said the government’s reform agenda aims to provide “an enabling environment to investment generation and to improving the lives of Filipinos” and to make the country “a globally competitive place of business.”
“This latest international recognition of the country’s improving economic freedom may be credited partly to coordinated efforts of government agencies and local government units, which the NCC has engaged over the years to continually improve processes for businesses,” he added. (PNA)
