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
Chairman Lee of HWPL wraps up visit to Myanmar,last point of 26th peace tour covering PHL, Malaysia and Indonesia
2
Abu Dhabi Summit on Artificial Intelligence in medical field crowns continuous efforts, highlights Abu Dhabi's stature, says Hazza bin Zayed
3
UAE First Nation to Realise the Immense Potential Offered by AI
4
Industrial Revolution X launched during National Science, Technology and Innovation Festival
5
K-pop tours popular among UAE, Saudi Arabian tourists
6
UAE IAA and Protiviti host session with Bob Hirth on emerging risks for business in 2018
7
Taiwan President concludes tour of 18 temples around Taiwan
8
On Mother Language Day, UNESCO reiterates its commitment to linguistic diversity
9
Pink Caravan Ride team gears up for proficiency training
10
Taiwanese-American throws hat in ring for Congressional bid
Photo News Green Biz
World Future Energy Summit 2018 to map transition to a sustainable economy and lead ‘cleantech’ innovation
World Future Energy Summit 2018 to...
min
BSP recycles materials for Christmas decors
BSP recycles materials for Christm...
min
DEWA organises workshop for 3rd Carbon Ambassadors Programme
DEWA organises workshop for 3rd Ca...
min
ADFD, IRENA open new round of funding for renewable energy projects in developing countries
ADFD, IRENA open new round of fund...
min
Dubai Municipality gears up for Clean Up The World campaign
Dubai Municipality gears up for Cl...
min
Photo News Sports
(Olympics) S. Korea's Lee Sang-hwa wins silver in women's 500m speed skating
(Olympics) S. Korea's Lee Sang-hwa...
min
S. Korean Ko Jin-young wins in official LPGA debut
S. Korean Ko Jin-young wins in off...
min
(Olympics) S. Korea's Choi Min-jeong wins women's 1,500m short track at PyeongChang
(Olympics) S. Korea's Choi Min-jeo...
min
(Olympics) S. Korean male curling team gets first win against Britain
(Olympics) S. Korean male curling ...
min
(Olympics) Skeleton sensation Yun focused on gold medal by imaging Olympic podium
(Olympics) Skeleton sensation Yun ...
min
(Olympics) S. Korea's Yun Sung-bin wins gold in men's skeleton
(Olympics) S. Korea's Yun Sung-bin...
min
(Olympics) 'Proud' American parents cheer on adopted daughter on Korean hockey team
(Olympics) 'Proud' American parent...
min
(Olympics) 1st Olympic goal for Korean hockey; winds force reschedulings in alpine skiing, biathlon
(Olympics) 1st Olympic goal for Ko...
min
Photo News World
(Olympics) S. Korea's Lee Sang-hwa wins silver in women's 500m speed skating
(Olympics) S. Korea's Lee Sang-hwa...
min
S. Korean Ko Jin-young wins in official LPGA debut
S. Korean Ko Jin-young wins in off...
min
(Olympics) S. Korea's Choi Min-jeong wins women's 1,500m short track at PyeongChang
(Olympics) S. Korea's Choi Min-jeo...
min
(Olympics) S. Korean male curling team gets first win against Britain
(Olympics) S. Korean male curling ...
min
(Olympics) Skeleton sensation Yun focused on gold medal by imaging Olympic podium
(Olympics) Skeleton sensation Yun ...
min
(Olympics) S. Korea's Yun Sung-bin wins gold in men's skeleton
(Olympics) S. Korea's Yun Sung-bin...
min
(Olympics) 'Proud' American parents cheer on adopted daughter on Korean hockey team
(Olympics) 'Proud' American parent...
min
(Olympics) 1st Olympic goal for Korean hockey; winds force reschedulings in alpine skiing, biathlon
(Olympics) 1st Olympic goal for Ko...
min
Photo News Opinion
Senior prosecutor arrested for sexual assault
Senior prosecutor arrested for sex...
min
Lotte kicks off emergency management committee after chief's arrest
Lotte kicks off emergency manageme...
min
Former Samsung vice chairman summoned over bribery allegations linked to ex-leader Lee
Former Samsung vice chairman summo...
min
Parliamentary speaker voices hopes for resolution of political conflicts through sports
Parliamentary speaker voices hopes...
min
Samsung Electronics' global market cap ranking slides to No. 18: data
Samsung Electronics' global market...
min
PM calls for Koreas to work together to create right conditions for inter-Korean summit
PM calls for Koreas to work togeth...
min
38th ICCK Speaker' Forum opens with theme of Labor Policy Reform: What to Expect in 2018
38th ICCK Speaker' Forum opens wit...
min
S. Koreans divided over verdict on Samsung's heir
S. Koreans divided over verdict on...
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