Phl improves in economic freedom ranking

The ranking of the Philippines in economic freedom has improved, up 12 notches to 58th spot this year from last year’s 70th spot, a report released by US-based think tank Heritage Foundation shows.

The Philippines received a score of 65.6 in the 2017 Index of Economic Freedom, from 63.1 in the 2016 IEF. The score is higher than the world average of 60.9 and the Asia-Pacific region average of 60.4.

This is the fifth straight year that the Philippines has made significant progress. The country’s ranking improved to 115th in 2011, 107th in 2012, 97th in 2013, 89th in 2014, 76th in 2015 and 58th in 2016.

Heritage Foundation attributed the gains to the country’s “notable successes in fiscal policy, government spending and monetary stability.”

Bangko Sentral ng Pilipinas (BSP) governor Amando Tetangco Jr. said monetary authorities remain committed to maintaining price stability and promoting a sound and inclusive financial sector.

According to him, the positive results achieved have contributed to the big improvement of the country’s IEF ranking.

“The benign inflation environment has enabled the economy to further accelerate in 2016, a remarkable feat given the uncertainty and volatility in the global scene. With the BSP’s relentless efforts to pursue proactive reforms to improve governance and risk management in banks, the Philippine banking system remains a pillar of strength that will support the rapid pace of growth of the economy,” he said.

Finance Secretary Carlos Dominguez III said the significant jump in the country’s ranking validates the assiduous efforts by the Philippine government to sustain high growth and achieve economic inclusion by freeing some six million Filipinos from poverty.