PH slips to 73rd in economic freedom ranking
The Philippines fell three spots to 73rd out of 178 economies, according to the 2021 Index of Economic Freedom by American think tank The Heritage Foundation. The report assesses countries’ rule of law, government size, regulatory efficiency, and open markets.
Based on the global and regional average, the country’s score of 64.1 falls under the “moderately free” status, where it has been for eight consecutive years.
“Foreign investment is generally welcome, and the Investment Code treats foreign investors the same as it treats domestic investors. However, investment in several sectors remains restricted,” the Heritage Foundation said in the report.
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