Republic of the Philippines
Republic of the Philippines
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Heritage Foundation's 2013 index of Economic Freedom places the Philippines among the World's 'Freest Economies'

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Philippine Ambassador to Australia Belen F. Anota hailed another positive achievement for the Philippine economy: a place among the world’s 100 freest economies according to the 2013 Index of Economic Freedom by the Heritage Foundation, a Washington-based think tank.

The Philippines’ inclusion in the list of the world’s 100 freest economies is a result of the government’s leadership and efforts to promote good governance, curb corruption and improve the country’s business climate,” Ambassador Anota said.

Using the Philippines tourism slogan, Ambassador Anota said that “it’s more fun in the Philippines, including doing business.”

The Philippines jumped ten notches in ranking, making it the 97th freest in the world with an Economic Freedom Score of 58.2. In 2011, it ranked 107th and had a score of 57.1.

Among Southeast Asian nations, the Philippines recorded the highest score improvement of 1.1 points, showing a trend of continuous growth over the past two years. This brings the country even closer to the world average score of 59.6 and above the Asia-Pacific regional average of 57.4.

The Heritage Foundation highlighted the country’s “notable improvements” in investment freedom and anti-corruption measures; high degree of resilience” of the Philippine economy which is on a “steady path of economic expansion” despite the global economic slowdown; and “legislative reforms pursued by the Aquino administration which enhance the entrepreneurial environment and develop a stronger private sector to generate broader-based job growth”.

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