PH falls to 89th place on economic freedom index
MANILA, PHILIPPINES — The Philippine economy slid to the 89th spot out of 176 countries with a score of 59.3 in the 2023 Index of Economic Freedom report by the American think tank The Heritage Foundation.
Dropping from last year’s 80th spot, the index now deems the Philippines as a “mostly unfree” economy after being “moderately free” for nine straight years.
“The overall rule of law is weak in the Philippines. The country’s property rights score is below the world average; its judicial effectiveness score is below the world average; and its government integrity score is below the world average,” the Heritage Foundation explained.
Commenting on the results, University of Asia and the Pacific (UA&P) Senior Economist Cid Terosa said addressing the rule of law concerns, pursuing digitalization, and improving transparency could improve the country’s ranking.
The amendments to various trade laws and the country’s participation in the Regional Comprehensive Economic Partnership (RCEP) trade deal could also help the Philippines.
American Chamber of Commerce of the Philippines (AmCham) Executive Director Ebb Hinchliffe added that the government should “strengthen accountability, transparency, and promote checks and balances in all public offices” to prevent corruption and bribery.
Meanwhile, Foundation for Economic Freedom President Calixto Chikiamco added that changing some provisions in the 1987 Constitution — particularly the Filipino First and Filipino Only provisions — could help strengthen the nation’s economic freedom.
