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)
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
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!
#WearMask #WashHands
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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