Some things are true whether you believe them or not.
Despite the rut the country finds itself in and the rest of the rotten things the people are made to endure, we have actually eked out an improvement in global economic rankings.
What we do not know is whether the gain was achieved because of government action or in spite of it.
Still, the heading “PH up in global economic rankings” has a nice ring to it, especially if the organizations that made the tally are quite influential in shaping world public opinion.
A report by the Heritage Foundation, an influential conservative think tank in Washington, and The Wall Street Journal said despite a challenging global economic environment, the Philippines has risen in the world economic rankings to 107 from 115 previously.
The 2012 Index of World Economic Freedom released last week said among 179 countries rated, the Philippines had the 107th “freest economy” with a score of 57.1.
The Philippines ranked 19th out of 41 countries in the Asia-Pacific region.
Its overall score of 57.1 was slightly below the world average of 59.5 and the regional average of 57.5.
The report said the country’s score was 0.9 point higher than last year, attributable in large part to a significant improvement in business freedom.
The index rates countries in 10 categories – labor freedom, business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights and freedom from corruption – and the results are averaged to create an overall score.
The Philippines improved its scores in four of the 10 specific categories (scores the previous year are in brackets): business freedom 54.3 (43.4), labor freedom 51.7 (50.7), monetary freedom 77.1 (76.3) and fiscal freedom 79.1 (78.8).
Its scores dropped in government spending 89.7 (91) -- why are we not surprised? -- and trade freedom 75.5 (77.8), and there were no changes in scores for freedom from corruption, 24; investment freedom, 40; financial freedom, 50; and property rights, 30.
The report said the Philippine economy has been on a steady path of economic expansion, with the government pursuing a series of legislative reforms to enhance the entrepreneurial environment and developing a stronger private sector to generate broader-based job growth.
Overall progress has been gradual, but regulatory efficiency has been notably enhanced, the report said.
Despite some progress, corruption continues to undermine prospects for long-term economic development and the Judiciary, which remains susceptible to political interference, does not provide effective protection for property rights or strong and transparent enforcement of the law, the report said.
It said its economy relied heavily on emigrants’ remittances, equivalent to more than 10 percent of gross domestic product.
Still, the upgrade pales when compared to those gotten by more prosperous Asian and western countries.
Hong Kong with 89.9 points and Singapore (87.5) ranked first and second in the overall standings for the 18th straight year, followed in order by Australia, New Zealand, Switzerland, Canada, Chile, Mauritius, Ireland and the United States.
Here’s a consolation: North Korea at the bottom of the standings had an overall score of one.
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