The Philippine government welcomed on Thursday the improvement on the country's ranking in the 2012 Index of Economic Freedom recently issued by the Heritage Foundation (HF).
The Philippines now ranks 107th freest of the 179 economies surveyed in 2012 with an Economic Freedom Score (EFC) of 57.1 in contrast to last year's ranking of 115th and an EFC of 56.2.
Presidential Spokesman Edwin Lacierda said the higher ranking was an affirmation of the reforms that the present administration has been implementing.
"Equitable and inclusive economic growth is the cornerstone of the present administration's social contract with the Filipino people. The HF report is an affirmation of the bold, results- oriented reforms our administration has initiated," Lacierda said in a statement.
Despite the decline in the economic freedom of most countries, the Philippine economic freedom has continued to increase, he noted.
The HF report noted that despite the challenging economic environment, "the Philippine economy has been on a steady path of economic reform."
An inefficient judiciary, however, continues to be a deterrent, according to the HF, as it "remains susceptible to political interference" and "does not provide effective protection for property rights or strong and transparent enforcement of the law.
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