Philippines level up to 61st in economic freedom rankings for +16 Notches Up

The Philippines leapfrogged to 61st place from 77th previously in the annual rankings on economic freedom around the world.

 

The country's score also jumped to 7.12 from 6.84, said the Economic Freedom of the World: 2012 annual report.

 

Out of 144 countries and territories surveyed for the report released by the Fraser Institute, Canada's leading public policy think tank, Hong Kong topped the field with a score of 8.9 out of 10.

 

Economic freedom is measured in five different areas: size of government (big government reduces the space for free exchange), legal system and security of property rights, access to sound money, freedom to trade internationally, and regulation of credit, labor, and business.

 

Fred McMahon, vice-president international research of the Vancouver-based Fraser Institute, told The STAR on Tuesday that the Philippines' big improvement came in sound money, particularly allowing people to own foreign currency bank accounts.

 

There were also relatively small improvements in two other variables in this area: money growth and inflation variability.

 

"The Philippines also saw an increased score in size of government, in other words, government got slightly less intrusive in the economy," he said.

 

"Overall, these factors led to an increase in the Philippines' score from 6.84 to 7.12 out of 10. Because nations are tightly packed around these scores, this led to a move up in the ranks from 77 to 61," he added.

The rankings in this year's report are based on 2010 data, the most recent year for which comprehensive figures are available.

 

The other top 10 nations listed in descending order after Hong Kong with their scores in brackets were:

1. Singapore (8.69)
2. New Zealand (8.36)
3. Switzerland (8.24)
4. Australia (7.97)
5. Canada (7.97)
6. Bahrain (7.94)
7. Mauritius (7.90)
8. Finland (7.88)
9. Chile (7.84)

 

Rankings (and scores) of other large economies in this year's index included: United Kingdom, 12th (7.75); United States, 18th (7.69); Japan, 20th (7.64); Germany, 31st (7.52); Russia, 95th (6.56); China, 107th (6.35); and India, 111th (6.26).

 

Venezuela was in last place with a score of 4.07 among the countries surveyed.

 

Myanmar, Zimbabwe, Republic of the Congo and Angola rounded out the bottom five nations.

 

Singapore was the best performer among the Association of Southeast Asian Nations (ASEAN) countries in the world rankings are as follows:

1. Singapore - 2nd place,
2. Philippines (61st)
3. Malaysia (71st)
4. Indonesia (76th)
5. Thailand (87th)
6. Vietnam (96th)

 

Following were the economic freedom scores and world rankings in brackets for the Philippines: Size of government 8.31 (9), Legal system and property rights 4.37 (110), Sound money 9.29 (39), Freedom to trade internationally 6.69 (97), and Regulation 6.92 (74).

 

philSTAR

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Royal Thai Navy visits Philippines to strengthen ties

 

General Tanasak Patimapragorn, Chief of Defense Force of the Royal Thai Armed Forces, visits the General Headquarters Canopy area Wednesday, August 15, 2012. His visit was aimed to renew and further strengthen the bilateral military ties between the Philippines and Thailand. PHOTO BY SSG GILDO CABALO/AFP PUBLIC AFFAIRS

Officials of the Royal Thai Navy visited the Philippine Navy Headquarters in Manila Wednesday, September 19, to renew and further strengthen ties.

 

In a statement, Philippine Navy said the Royal Thai Navy headed by its Deputy Director General of Naval Operations Department Captain Teansiri Montriwade visited the headquarters and paid a courtesy call to Philippine Navy's Chief of Naval Staff Rear Admiral Edgar L. Abodago AFP.

 

Aside from strengthening the relationship between the two navies, the parties also discussed various issued related to maritime activities and military cooperation.

 

Philippine Navy said their cooperation with the Thai Navy dates back during the end of Second World War. A formal diplomatic tie between the two nations was established on June 14, 1949 through the signing of "Treaty of Friendship." From then on, relations between the two countries started to strengthen and flourish.

 

Cooperation likewise expanded outside trade and culture and began covering political, defense, investment, tourism, air services, scientific and technical, telecommunications, agriculture, justice and environment, among others.

 

The two nations are also among the founding members of the Association of Southeast Asian Nation (ASEAN) and also hold respective annual Cooperation Afloat Readiness and Training (CARAT) exercises with the U.S. Navy. (PN-PAO/RJB/JEG/PIA-NCR)

 

PIA

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