eseoulpost
BusinessPhilippines
PH economic freedom ranking 'significantly better'
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2018.02.03  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   

MANILA -- The Philippine Embassy in Washington DC cited the country's “moderately free” economic status in the Heritage Foundation 2018 Index of Economic Freedom (IEF) as "significantly better" than the global and regional averages.

On Saturday (Philippine Time), Philippine Ambassador to the United States Jose Manuel Romualdez reported to Foreign Affairs Secretary Alan Peter Cayetano that the Philippines achieved an economic freedom score of 65.0 out of a possible 100, making the economy the 61st "freest" in the latest index.

While the country moved down slightly from its 58th ranking in 2017, its regional standing hiked by one rank to 13th among 43 countries in the Asia-Pacific that were surveyed.
The IEF is an annual survey of 180 countries published since 1995 by the Heritage Foundation, a Washington-based think-tank.
The 2018 index graded economies based on 12 independent factors called "economic freedoms".

"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 in a statement.

"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,” he added.

While the Heritage Foundation noted problems posed by the "needed" institutional reforms, and a “weak” judicial system in the Philippines, it highlighted several positive developments.

It recognized the government adoption of fiscal reforms and its industrial production, which has been growing rapidly despite agriculture remaining a significant part of the economy.

Performance in the economic freedoms relating to government size, regulatory efficiency and open markets generally improved or remained stable.

The Philippines showed improvements in trade freedom with a score of 80.7, a 4.3-point increase from 2017; in judicial effectiveness with 38.2 points, a 1.1 increase; in fiscal health with a score of 97.7, a 0.5 grade higher; and in labor freedom with a 57.6 score, an increase of 0.4 points from last year.

Business, investment and financial freedoms remained "stable".

Not supported

Meanwhile, the Philippine Embassy pointed out certain observations in the IEF report "that do not seem to be supported by the facts on the ground".

The report noted that the “rapid decline in the president’s popularity caused investor confidence to wane by the end of 2017”.

It also stated that “an absence of entrepreneurial dynamism thwarts development”.

“I wish to note that the latest Pulse Asia survey showed the President’s trust and approval ratings at an all-time high of 80 and 82 percent, respectively," Romualdez stressed.

"The latest Social Weather Stations survey shows that the trust and satisfaction ratings are 83 and 75 percent, respectively,” he said in reaction to the IEF report’s statement on President Rodrigo Duterte's "popularity".

The envoy also referred to the Association of Southeast Asian Nations (ASEAN) Business Outlook Survey 2018 published by the United States Chamber of Commerce.

He said it showed 70 percent of those surveyed say their companies plan to expand in the Philippines, and 85 percent of respondents expect their companies’ profits to increase in 2018.

“Among all ASEAN member states, the Philippines scored highest in satisfaction with regard to an adequate and well-trained labor force, and second highest with regard to availability of trained personnel,” he emphasized.

“We believe that there might have been a time-lag in terms of Heritage Foundation receiving the latest and complete information on the President’s approval ratings and the level of business confidence in the Philippines," he said.

The ambassador said the embassy would provide the think-tank with "a full update on the positive strides that we have taken with respect to developing a dynamic entrepreneurial economy, supported by a robust micro, small and medium enterprises development program and an innovation start-up eco-system”. (PNA)

 

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
Argentina fetes 207th National Day anniversary at Grand Hyatt Hotel in Seoul on Thursday
2
Azerbaijan fetes 100th Republic Day in gala reception in Seoul on May 21
3
Paraguay Embassy fetes 207th Anniversary of the independence
4
Worldwide campaigns by global citizens to spread a culture of peace and enact an international law for peace
5
Sharjah Ramadan Majlis: Despite Challenges, UAE Publishing Industry Upbeat about Future
6
ERC provides food aid to people in Lahej, Yemen
7
Abdullah bin Zayed attends New York University's fifth graduation ceremony
8
UAE participates in international conference on victims of racial, religious violence in Middle East
9
Leadership of Peaceful Transition of Eastern European Power Becomes the Asset for Peace in Korea
10
World Green Economy Summit to kick off in October
Photo News Green Biz
Suqia plays key role in enhancing UAE's global efforts to address water challenges
Suqia plays key role in enhancing ...
min
UAE Innovation Month: Innovative Initiatives by Sharjah Development Forum to Serve UAE’s Technical Sector
UAE Innovation Month: Innovative I...
min
UAE environmentalists to travel to ends of the earth to inspire change
UAE environmentalists to travel to...
min
Mohammed bin Rashid launches Marmoom Desert Conservation Reserve
Mohammed bin Rashid launches Marmo...
min
Masdar unveils locally manufactured all-electric Eco-Bus
Masdar unveils locally manufacture...
min
Photo News Sports
S. Korea women's football coach eyes knockout berth at 2019 World Cup
S. Korea women's football coach ey...
min
UAE golf back in spotlight with Ras al-Khaimah Challenge Tour Grand Final
UAE golf back in spotlight with Ra...
min
S. Korean named new leader of East Asian football body
S. Korean named new leader of East...
min
Nahyan bin Mubarak receives female people of determination who participated in Special Olympics Regional Games in Abu Dhabi
Nahyan bin Mubarak receives female...
min
PyeongChang 2018 chief organizer says 4 things led to successful Winter Olympic, Paralympic Games
PyeongChang 2018 chief organizer s...
min
PyeongChang Winter Paralympics end with celebration of breaking down barriers
PyeongChang Winter Paralympics end...
min
Opening day of Abu Dhabi’s Special Olympics IX MENA Games 2018 witnesses incredible sporting achievement
Opening day of Abu Dhabi’s Special...
min
Largest Winter Paralympics to close in PyeongChang
Largest Winter Paralympics to clos...
min
Photo News World
S. Korea women's football coach eyes knockout berth at 2019 World Cup
S. Korea women's football coach ey...
min
UAE golf back in spotlight with Ras al-Khaimah Challenge Tour Grand Final
UAE golf back in spotlight with Ra...
min
S. Korean named new leader of East Asian football body
S. Korean named new leader of East...
min
Nahyan bin Mubarak receives female people of determination who participated in Special Olympics Regional Games in Abu Dhabi
Nahyan bin Mubarak receives female...
min
PyeongChang 2018 chief organizer says 4 things led to successful Winter Olympic, Paralympic Games
PyeongChang 2018 chief organizer s...
min
PyeongChang Winter Paralympics end with celebration of breaking down barriers
PyeongChang Winter Paralympics end...
min
Opening day of Abu Dhabi’s Special Olympics IX MENA Games 2018 witnesses incredible sporting achievement
Opening day of Abu Dhabi’s Special...
min
Largest Winter Paralympics to close in PyeongChang
Largest Winter Paralympics to clos...
min
Photo News Opinion
Hyundai Motor CEO defends group's overhaul plan amid growing opposition
Hyundai Motor CEO defends group's ...
min
S. Korea's unification ministry seeks talks with N. Korea to implement summit agreements
S. Korea's unification ministry se...
min
PM calls for measures to minimize negative effects from U.S. sanctions on Iran
PM calls for measures to minimize ...
min
Citibank Korea reports 6.7 pct rise in Q1 profit
Citibank Korea reports 6.7 pct ris...
min
Moon welcomes planned dismantlement of N. Korean nuclear test site
Moon welcomes planned dismantlemen...
min
2 Koreas expected to hold high-level talks this week: Seoul official
2 Koreas expected to hold high-lev...
min
Firms making inquiries about opening operations at now-shuttered Kaesong complex
Firms making inquiries about openi...
min
Hyundai mulls acquiring electronic auto parts maker for growth
Hyundai mulls acquiring electronic...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com