In a report published by The Heritage Foundation of the United States, Philippines jumps 6 ranks which puts the country to the 70th place among 186 countries in the 2016 Index of Economic Freedom. The Philippines achieved an economic freedom score of 63.1 out of a possible 100, which is above the global and regional averages. Philippines also ranked 14th among the countries in Asia-Pacific that were surveyed.
The 2016 Index of Economic Freedom, the annual survey conducted by the Washington, D.C.-based think tank, “reaffirmed the economic freedom in the Philippines and recognized its notable success in monetary freedom and management of public finance,” Philippine Ambassador to the United States Jose L. Cusia, Jr., said in a statement.
The index rates economies based on 10 quantitative and qualitative factors called “economic freedoms” grouped under four broad categories or pillars—rule of law, limited government, regulatory efficiency and open market.
