Palace hails Phl economic ranking improvement

The Palace hailed the improvement in the ranking of the Phillipines in the Heritage Foundation’s 2013 Index of Economic Freedom.

In a statement, Presidential spokesperson Edwin Lacierda said the Philippines jumped 10 notches in ranking, making the country’s economy the 97th freest in the world.

Lacierda said the country has an Economic Freedom Score of 58.2 in contrast to last year’s ranking of 107th and a score of 57.1.

Among Southeast Asian nations, the Philippines recorded the highest score improvement of 1.1 points, a trend of continuous growth over the past two years, bringing 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 said the country had “notable improvements” in investment freedom and anti-corruption measures.

“The think-tank based in Washington D.C. likewise highlighted the “high degree of resilience” of our economy which is on a “steady path of economic expansion” despite the global economic slowdown,” Lacierda said.

Lacierda also added that legislative reforms pursued by the Aquino administration were also noted which are seen to “enhance the entrepreneurial environment and develop a stronger private sector to generate broader-based job growth.”

The Palace official said that “this prominent international evaluation shows continued improvement in the business of governing our country. We take this as an affirmation of the goals we have set out to achieve and a recognition of how far we have gone to realize the potentials of our people and country.”#