The Philippines Ranks 70th on Economic Freedom Overall Score

PHILIPPINES – Economic Freedom ranked the Philippines on the 70th spot through its overall score.

American based research and educational institution Heritage Foundation reports the economic freedom of each country annually.

These countries are evaluated as free, mostly free, moderately free, mostly unfree and repressed.

Based on a report from Philstar, the Index of Economic Freedom assessed 180 countries all over the world.

The Heritage Foundation stated that economic freedom gives the right of every human to handle his own property and labor.

In the statement, it expressed that a country’s government has the control to move goods freely, accept labor, and avoid coercion.

The countries who top-ranked the list are Hong Kong (90.2), Singapore (89.4), New Zealand (84.4), Switzerland (81.9) and Australia (80.9).

These 5 top countries were the freest economies.

According to the report, the research institution cited the scores by the government integrity, monetary freedom, and the tax load.

In the Asia Pacific region, the Philippines ranked 15 and its total score was above the regional and world standard score.

“Continued strong economic growth, driven in part by ambitious state-funded infrastructure projects, has allowed the government to prioritize domestic law-and-order issues over economic policy concerns”

Despite the solid connection of President Rodrigo Duterte on the Congress, the investors were still worried about his overly forceful ruling.

“Investors remain concerned about President Duterte’s heavy-handed rule, although Duterte has consolidated support from Congress.”

The Heritage foundation stressed that the lack of entrepreneurial dynamism affects the development of the country.

“The judicial system remains weak and vulnerable to political influence”

Based on the report, the Philippines is ranked on the number 70 spot and is listed on the moderately free economies countries.

Some countries were not ranked by the research institute due to lack of information. These countries include Yemen, Somalia, Iraq, Liechtenstein, Libya, and Syria.

What can you say about this article? Leave your comment and reactions below.