PHL gets 12 Spots Higher In Global Survey On Economic Freedom

The Philppines is making a name of its own now. Gone are the days where Philippines is just another never-heard third-world country. Thanks to Duterte's trash talkings and rhetorics. Philippines is now the world's favorite subject. Well, next to Trump maybe, lol.

But you see, aside from the sensational (not true) reports on the EJK (Extra-juducial killings) and human-rights (again, not true) violations, beautiful and top of the world's destinations, pageant winners and singing champions. 

Another achievement for the country - is that the Philippines is currently tagged as one of the world's best performing economies. It registered a 6.8% increased in 2016 - the fastest since 2013 and the highest in the region.

In its 2017 Index of Economic Freedom (IEF) by a Washington based conservative think tank, The Heritage Foundation. The country has increased its standing with a 12-spots jump landing in 58th position from 70th in 2016 to be in the 'moderately free' category.

Based on 12 quantitative and qualitative factors which considers the following major categories. Rule of law, government size, regulatory efficiency and open market. These categories are broken down to include some social and economic goals such as poverty elimination, greater per capita wealth, healthier societies, cleaner environment and democracy among others

The country score a 2.5 points increase or a total of 65.6. Higher than the world's average 60.9 and the Asia-Pacific average which is 60.4.

Based on the report, the country's solid economic performance is the key factor for the improve standing.

Finance Secretary Carlos Dominguez III, welcome the good placement and added that in order to maintain the momentum and continue to move up and aspire the 'mostly free' category. This administration, the Duterte government should continue and pursue without letup its CTRP (Comprehensive Tax Reform Program) and other bold economic reforms and initiatives. To keep the high growth, upgrade the living standards, eliminate corruption and the ease of doing business to attract investments to create more jobs.

Earlier in June, last year the Duterte administration presented a 10-point socio-economic agenda which includes Tax Reform to increase revenues while lowering personal income tax.

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