WASHINGTON — The Arroyo administration has failed to do anything substantial to liberalize the economy of the Philippines as it continues to slide from being one of Asia’s richest economies to being one of its poorest, a 2010 Index of Economic Freedom report said.
The report by the Heritage Foundation, an influential conservative think-tank in Washington, and The Wall Street Journal, gauged the economic success of 183 countries around the world and ranked the Philippines in 109th place.
It gave the Philippines an overall economic freedom score of 56.3 points, fractionally lower than last year, reflecting small reductions in monetary freedom and freedom from corruption.
“The government’s failure to do anything substantial to liberalize the economy has set back efforts to attract much-needed foreign investment in basic industries and infrastructure and the Philippines continues a long slide from being one of Asia’s richest economies to being one of its poorest,” the report said.
The report released on Wednesday rated countries in 10 specific categories — labor freedom, business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights and freedom from corruption — and the results were averaged to create an overall score.
The report said the Philippine economy relied heavily on emigrants’ remittances equivalent to about 10 percent of GDP, reflecting a lack of domestic economic dynamism.
It ranked the Philippines in 20th out of 41 countries in the Asia-Pacific region. Its overall score was rated as slightly below world and regional averages.
Hong Kong with 89.7 points and Singapore (86.1 points) ranked first and second in the overall standings for the 16th straight year, followed in order by Australia, New Zealand, Ireland, Switzerland, Canada, United States, Denmark and Chile.
Following are the scores of the Philippines in the 10 different categories: trade freedom (77.8) ), financial freedom (50), fiscal freedom (78.8), government spending (91.2) and monetary freedom (72.7), property rights (30), labor freedom (51.9) business freedom (48.1), investment freedom (40) and freedom from corruption (23).
The country ranked above average in the first five categories and below average in the last five. –Jose Katigbak, STAR Washington Bureau (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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