The Philippines climbed 10 notches in a global of economic freedom ranking according to the 2013 Index of Economic Freedom, a survey released by The Wall Street Journal and Washington D.C.-based The Heritage Foundation.
According to the editors of the 2013 Index of Economic Freedom, the Philippine government's efforts to stop corruption have helped push the country's economic freedom ranking 10 notches higher, landing on the 97th spot among 177 territories and countries.
In the 2013 index, the 19th of its kind since it was established in 1995, the Philippines scored 58.2 points out of 100.
The editors of the index said in a press statement that this score "is 1.1 points higher than last year, with notable improvements in investment freedom and freedom from corruption outweighing a decline in business freedom."
The Philippines is also said to have shown improvement in terms of fiscal freedom, freedom from corruption, investment freedom, and government spending.
The Index of Economic Freedom has 10 criteria which include financial freedom, property rights, and freedom in trade. The Philippines' ranking this year, according to the index editors, "suggested a need for improvement in terms of market liberalization."