- The Philippines climbs six notches in the 2015 Index of Economic Freedom
- The country’s economic index has been on a steady climb over the past 6 years, the US-based think tank says
- The Philippines’ global ranking improved by 45 notches since 2010
MANILA, Philippines – The Philippines has climbed another six notches in the 2015 Index of Economic Freedom, this was according to the global survey conducted by US-based think tank Heritage Foundation.
With an average score of 63.1 out of 100, the Philippines is up by 9 points from last year’s 62.2; becoming one of the most improved countries in the world for jumping 45 notches up over the past 6 years.
The Heritage Foundation rated the Philippines’ Economic Freedom Status as ‘moderately free’, registering significant improvement on ‘Freedom from Corruption’ (+38 points), ‘Government Spending (+86 points), ‘Business Freedom’ (+63 points) and ‘Trade Freedom’ (+76.4 points).
“The Philippine economy has been growing steadily at an average annual rate above 6 percent for the past five years,” the think-tank said in the report released last week. “The government has pursued legislative reforms to enhance the entrepreneurial environment and develop a more vibrant private sector to generate broader-based job growth.”
However, the country needs more effort to address ‘Fiscal Freedom’ where it dropped by 79 points, ‘Labor Freedom’ (-57.1) and ‘Monetary Freedom’ (-77.7).
“Despite some progress, poor infrastructure remains a serious impediment to economic growth,” the report added. (Click here to read more)