Phl now 56th in world economic freedom rankings

WASHINGTON – The Philippines moved to 56th place among 152 countries in the annual rankings on economic freedom around the world.

It also improved its score to 7.21 out of a possible 10 points, said the Economic Freedom of the World: 2013 annual report.

Previously the Philippines was in 61st place with a score of 7.12.

Of 152 countries and territories surveyed for the report released by the Fraser Institute, Canada’s leading policy think tank, Hong Kong with a score of 8.97 points followed by Singapore (8.73 points) once again occupied the top two positions.

The United Kingdom was in 12th place, the United States in 17th and South Korea in 33rd place.

Economic freedom is measured in five different areas: (1) size of government, (2) legal system and security of property rights, (3) access to sound money, (4) freedom to trade internationally, and (5) regulation of credit, labor, and business.

The economic freedom scores and world rankings in brackets for the Philippines were: Size of government 8.3 (8), Legal system and property rights 4.6 (105), Sound money 9.3 (40), Freedom to trade internationally 6.7 (99) and Regulations of credit, labor and business 7.1 (76).

The rankings in this year’s report are based on 2011 data, the most recent year for which comprehensive figures are available.

Venezuela was in the 152nd and last place with a score of 3.93 points.

Singapore was the best performer among the Association of Southeast Asian Nations (ASEAN) in the world rankings in 2nd place, followed by the Philippines, (56th) and Malaysia (68th).

Indonesia was in 80th place followed by Thailand in 94th and Vietnam in 122nd place. –Jose Katigbak, Star Washington bureau (The Philippine Star)