Malacañang on Tuesday lauded the improvement in the ranking of the Philippines in the Heritage Foundation’s 2014 Index of Economic Freedom.
In a statement, Palace spokesman Edwin Lacierda said that the Philippines jumped eight notches in ranking, making the country’s economy the 89th freest in the world.
He said that the country’s 89th ranking is “another affirmation of the gains that our country is reaping along the straight path.”
“This jump reflects the significant improvements that our country has made in seven of the ten economic freedoms, including significant gains in investment freedom, business freedom, monetary freedom, and the control of government spending,” he added.
According to Lacierda, the Heritage Foundation cited the country’s economy’s “high degree of resilience,” as well as the legislative reforms that have been laid down “to enhance the investment environment and incentives broader-based private-sector job growth.”
“These factors were also cited in the 2013 report, displaying the government’s consistency in its reform agenda,” he said
However, the data used for the 2014 index were based mostly on 2012 statistics.
“We believe that there have been significant improvements since then, despite the challenges we had to overcome as one nation,” Lacierda said.
“The positive results of this evaluation only strengthen our administration’s resolve to continue implementing reforms founded on good governance and true public service, which are necessary prerequisites to fostering lasting and inclusive growth in the Philippines,” he added. CATHERINE S. VALENTE