Philippines Economic Freedom Ranking Up

MANILA, Philippines - The Philippines' world ranking in the 2012 Index of Economic Freedom issued recently by the Heritage Foundation (HF) rose to 107th, eight notches higher from last year's ranking of 115th.

At the same time, the Philippines garnered an Economic Freedom Score (EFC) of 57.1 this year, an improvement from the country's previous EFC of 56.2.

"This is a clear validation of the policy reforms that the President has put in place to move the country forward and uplift the lives of our people," Foreign Affairs Secretary Albert Del Rosario said in a statement.

of Economic Freedom highlights 10 economic freedoms, namely, property rights, freedom from corruption, fiscal freedom, government spending, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom, and financial freedom.

The Heritage Foundation is a "think thank" whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, and a strong national defense.

"We hope that this development will encourage more economic activities in the country, including foreign investments that would translate to more jobs for our people," Del Rosario stated.

The Heritage Foundation reported that the Philippine economy "has been on a steady path of economic expansion."

The Philippines' 2012 score is 0.9 points higher than in 2011, which constitutes a significant improvement in business freedom. The Philippines ranked 19th out of 41 countries in the Asia-Pacific region, surpassing other emerging economies such as Indonesia, India, China, and Vietnam.

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Philippines Economic Freedom Ranking Up