Philippines ranks 97th in economic freedom

Citing its resilience in the global economic slowdown, the Philippines ranked 97th out of 177 countries in terms of economic freedom, according an international think tank.

“Weathering the ongoing global economic slowdown with a high degree of resilience, the Philippine economy has been on a steady path of economic expansion, growing at an average annual rate above 4.5 percent over the past five years,” the Heritage Foundation said in the 2013 Index of Economic Freedom.