Government boasts of higher ranking in global economic index
THE Palace on Saturday expressed elation over the Philippines’ increased ranking in the 2012 World Economic Freedom Index, adding it has further deepened its resolve to address the concerns raised in the third-party assessment.
The 2012 Index of World Economic Freedom, published by The Wall Street Journal and think-tank group The Heritage Foundation, raised concerns about the Philippines’ “corruption” and “inefficient judiciary.”
With an overall score of 57.1, the Philippines ranked 107th out of the 179 countries rated – an improvement from last year’s 115th spot. The report cited “a significant improvement in business freedom.” It ranked the Philippines 19th out of the 41 countries in the Asia–Pacific region.
“It’s because of economic expansion and the government’s commitment to pursue legislative reforms to enhance the business environment,” deputy presidential spokesperson Abigail Valte said Saturday.
“An assessment from the third party notes that our regulatory efficiency has been notably enhanced. This is what President Aquino has been saying, that we are really after efficiency of government,” she added.
The higher economic freedom ranking comes days after former President Gloria Macapagal-Arroyo released an economic essay criticizing Aquino’s administration and its capability to improve the economy.
The essay entitled “It’s the economy, student!” – which referred to Aquino, a former economics student of Arroyo – said that the former has failed to improve on the gains of his predecessor’s nine-year administration.
In the Index of World Economic Freedom report, it was stated that the Philippine economy has expanded at an average annual rate of close to 5 percent over the past five years.
“At least, these are third party assessments which have no axes to grind against the present administration… This is not from a personality na may interest,” Valte noted.
“There are lingering institutional challenges that will require deeper commitment to reform. Despite some progress, corruption continues to undermine prospects for long-term economic development. The inefficient judiciary, which remains susceptible to political interference, does not provide effective protection for property rights or strong and transparent enforcement of the law,” the report added.
Valte said that for its part, the Aquino government will continue to fight corruption. The challenge, however, remains for the Judiciary on the dispensation of justice, she added.
The Index of World Economic Freedom ranked Hong Kong’s economy as the freest with 89.9 points. Singapore followed Hong Kong with 87.5. Other countries who figured in the top 10 are Australia (83.1), New Zealand (82.1), Switzerland (81.1), Canada (79.9), Chile (78.3), Mauritius (77), Ireland (76.9), and the United States (76.3).
Countries are rated in 10 categories such as property rights, freedom from corruption, government spending, fiscal freedom, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom, and financial freedom. (Kathrina Alvarez/Sunnex)
http://www.sunstar.com.ph/manila/local-news/2012/01/15/government-boasts-higher-ranking-global-economic-index-200671
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(045) 599-5600
0922-870-5178
0917-520-4401
Ask for Pedro and Rechel
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How to get to this fine-dining restaurant in Clark Pampanga? Once you get to Clark Freeport, go straight until you hit Mimosa. After you enter Mimosa, stay on the left on Mimosa Drive, go past the Holiday Inn and Yats Restaurant (green top, independent 1-storey structure) is on your left. Just past the Yats Restaurant is the London Pub.
Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay
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