Philippines jumps 8 notches in economic freedom index

MANILA - The Philippine government said on Tuesday that the increase in the country's ranking in Heritage Foundation's 2014 Index of Economic Freedom strengthens its resolve to continue implementing economic reforms.

The Philippines jumped eight notches to 89th in the latest index released on Tuesday.

"This jump reflects the significant improvements that our country has made in seven of the 10 economic freedoms, including significant gains in investment freedom, business freedom, monetary freedom, and the control of government spending," presidential spokesman Edwin Lacierda said in a statement.

Lacierda said the Heritage Foundation also cited the "high degree of resilience of the economy" as well as the legislative reforms that have been laid down "to enhance the investment environment and incentivize broader-based private-sector job growth."

The Index of Economic Freedom rates 186 countries in 10 categories of economic performance which include rule of law, regulatory efficiency, limited government, and open markets.

"It is worth noting that the data used in the 2014 Index were based mostly on 2012 statistics. We believe that there have been significant improvements since then," Lacierda said.