The nearer your destination, the more you slip-sliding away.

We’re not purposely spoiling the party here.

It’s just that this line from an old Paul Simon song came to mind as we read about the Philippines sliding in the global rankings to 89th place from 76th previously among 141 countries surveyed, according to the Economic Freedom of the World 2011 annual report.

Just yesterday we said all Filipinos had reason to be proud as a “compassionate” people with the United Nations High Commissioner for Refugees lauding the Philippines for adopting the international legal standard in welcoming war-displaced and stateless people to its territories.

The country thus became a party to the 1954 Convention on the Status of Stateless Persons -- the first in Southeast Asia. The Convention defines who is considered stateless and establishes minimum standards of treatment.

We said it was a great national honor to receive such an accolade in the aftermath of Pedring’s devastation of most parts of Luzon and the Bicol Region.

Hey, it’s not our fault that a big spoiler would come right smack on the heels of the UN citation.      

For one, the country’s slide – its score falling from 6.77 to 6.46 — reflected a drop in levels of economic freedom around the world.

Malacanang was quick to downplay the slide in ranking.

“For the record, the 2011 Report was based on 2009 figures, during the incumbency of the Arroyo administration. The parameters include (1) size of government; (2) legal structure and security of property rights; (3) access to sound money; (4) freedom to trade internationally; and (5) regulation of credit, labor, and business,” the Palace said in a statement.

“In response to the American and European debt crises, governments around the world are embracing perverse regulations and this has huge, negative implications for economic freedom and financial recovery,” Fred McMahon of the Fraser Institute, Canada’s leading public policy think-tank was quoted by a broadsheet as saying.

The report showed that the average economic freedom score over the past two years fell to 6.64 in 2009 from 6.74 in 2007.

The ratings for 2009, the most recent year for which comprehensive data are available, showed Hong Kong at the top of the rankings for economic freedom worldwide with a score of 9.01 out of 10.

Singapore was in 2nd place with a score of 8.68 followed in order by New Zealand (8.20); Switzerland (8.03); Australia (7.98); Canada, (7.81); Chile (7.77); United Kingdom (7.71); Mauritius (7.67); and the world’s largest economy, the United States (7.60).

Singapore was the best ASEAN performer in the world rankings in 2nd place followed by Thailand (65th ), Malaysia (78th), Indonesia (84th), and the Philippines (89th).

The US, previously ranked 6th, fell to 10th place primarily as a result of higher government spending and borrowing

Zimbabwe was in last place among the 141 countries surveyed with a score of 4.08. Myanmar, Venezuela, Angola, and Democratic Republic of Congo rounded out the bottom five nations.

The annual Economic Freedom of the World report is produced by the Fraser Institute, Canada’s leading public policy think-tank, in cooperation with independent institutes in 85 nations and territories.