Washington DC-based think tank said the Philippines remains a “moderately free” economy.
Philippine Ambassador to the United States Jose Manuel Romualdez said in a report to Foreign Affairs Secretary Alan Peter Cayetano the Philippines achieved an economic freedom score of 65 out of a possible 100, in the Heritage Foundation 2018 Index of Economic Freedom.
This which was significantly better than the global and regional averages, Romualdez said.
The Philippines moved down slightly from a global rank 58th in 2017 to 61st place in 2018, but it improved its regional standing by one rank to number 13 among 43 countries in the Asia-Pacific that were surveyed.
IEF is an annual survey of 180 countries published since 1995 by the Heritage Foundation, a Washington DC-based think-tank. The 2018 Index graded economies based on 12 independent factors called economic freedoms.
“The Philippines notes the release of the 2018 Index of Economic Freedom. 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.
