Malacañang expressed gratefulness over a report that the Philippines had risen in the world economic rankings to 97th from 107th previously, saying that was an affirmation of the Aquino administration’s reform programs.

In a regular press briefing in Malacanang, Palace spokesman Edwin Lacierda said that the Philippines improved its ranking because of economic expansion and the efforts of the government to pursue legislative reforms to enhance the business environment.

”We are encouraged with the country’s improvement in the Heritage Foundation’s 2013 Index of Economic Freedom. This prominent international evaluation shows continued improvement in the business of governing our country,” he said.

”We take this as an affirmation of the goals we have set out to achieve and a recognition of how far we have gone to realize the potentials of our people and country,” he added.

Moreover, Lacierda said that the think-tank based in Washington, D.C. highlighted the “high degree of resilience” of our economy which is on a “steady path of economic expansion” despite the global economic slowdown.

”Among Southeast Asian nations, the Philippines recorded the highest score improvement of 1.1 points, a trend of continuous growth over the past two years, bringing our country even closer to the world average score of 59.6 and above the Asia-Pacific regional average of 57.4,” Lacierda said.

The Heritage Foundation said that the country had “notable improvements” in investment freedom and anti-corruption measures.

The think-tank also highlighted the “high degree of resilience” of our economy which is on a “steady path of economic expansion” despite the global economic slowdown.

”Legislative reforms pursued by the Aquino administration were also noted which are seen to “enhance the entrepreneurial environment and develop a stronger private sector to generate broader-based job growth.” he added.

Nevertheless, institutional challenges require deeper commitment to reform.

The report said that although the perceived level of corruption has declined in recent years, more effective anti-corruption measures needed to be institutionalized.

”Although the perceived level of corruption has declined in recent years, more effective anti-corruption measures need to be institutionalized. The inefficient judiciary remains susceptible to political interference and does not provide strong and transparent enforcement of the law, undermining prospects for long-term economic development,” Heritage Foundation said.

According to the foundation’s index, the top 10 freest economies are Hong Kong, Singapore, Australia, New Zealand, Switzerland, Canada, Chile, Mauritius, Denmark and the United States.

In Southeast Asia, the Philippines trailed Malaysia (56th) and Thailand (61st), but was ahead of Indonesia (108th) and Vietnam (140th).