PH jumps up 12 notches in economics freedom index

In this year’s annual global survey released by the Heritage Foundation, the Philippines ranked 58th, from 70th in 2016, because of its impressive achievements in fiscal policy, government spending and monetary stability.
The Philippines’ economic freedom went up by 2.5 points from its IEX (Index of Economic Freedom) score of 63.1 in 2016, which is higher compared to the world average of 60.9 and the Asia-Pacific region average of 60.4.
“The Philippines has achieved notable economic expansion, driven by the economy’s strong export performance and inflows of remittances,” the report said.

According to Finance Secretary Carlos Dominguez III, the increase only shows how the Philippine government exerts their full effort to sustain high growth and achieve economic inclusion to help Filipinos suffering from poverty.

Aside from the IEX increase, the country’s gross domestic product went up to 6.8% in 2016, while remittances reached $29.7 billion in 2016, which is equivalent to 4.9% increase from the year-ago level. This remittance increase surpassed the 4% projected growth of the Bangko Sentral for the year.

In 2016, from January to November, an estimated $7 billion foreign direct investments were pushed by positive investor sentiment, which is 25.4% than the $5.6 billion posted in the same period in 2015.

Last year, a whopping 18-notch improvement was obtained by the country, the biggest gain in monetary freedom, placing it on the 68th spot from 86th. In addition to that, the country’s Government Spending (22/186) and Fiscal Health (26/186) also received high ranking.

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