by: Karen Cayamanda
Wednesday, February 3, 2016 |
The Philippines jumped six places to 70th, out of 178 countries, in the 2016 Index of Economic Freedom. This is an annual global survey conducted by US-based think tank Heritage Foundation. The country scored 63.1 points out of 100, making it "moderately free".
From 76th to 70th place, the Philippines is considered as one of the most improved countries in the last six years, having moved up 45 notches since 2010. This gain in economic freedom means that the country has shown improvement in the ability of both citizens and investors to own properties, generate revenue, goods and services, as well as the ability to operate businesses.
According to Heritage Foundation, the country has been posting continuous growth, with more than six percent on average in the past five years. Moreover, legislative reforms are created to improve the business climate and develop the private sector to produce more job opportunities.
The government welcomed the positive gain of the country in the Index of Economic Freedom. Finance Secretary Cesar Purisima said the Aquino administration has extended efforts to improve business environments for strong growth of the private sector. Also, the continuous flow of recognition for the Philippine economy means that there is a need to keep the governing principles and broaden economic opportunities so more Filipinos can benefit from these gains.
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