US think tank rates PH as a ‘moderately free’ economy
The country slipped in the global rankings but remained among the better off in Asia.
The Philippines remains a “moderately free” economy in 2018, according to the Heritage Foundation 2018 Index of Economic Freedom (IEF) published in Washington, D.C. in the United States.
In a statement, Philippine Ambassador to the United States Jose Manuel Romualdez reported that the the country scored 65 out of 100, placing the country on the 61st place globally although lower than last year’s 58th spot out of 180 nations.
Across Asia Pacific, the Philippines placed 13th of 43 countries.
“It clearly indicates the sustainability of Philippine economic growth particularly on the back of serious economic reforms, particularly in ease of doing business and taxation,” Romualdez said.
“We are assured that this will enhance continued business and investor confidence, as we implement an ambitious infrastructure development program in the next few years,” the diplomat added.
The IEF stressed the need for continued institutional reforms plus improvements for the weak judicial system in the Philippines as their key recommendations.