Published by the Visayan Daily Star
Editor-in-Chief & President
Bureau Chief, Dumaguete
MAJA P. DELY
|CARLOS ANTONIO L. LEONARDIA
The Philippines moved up three notches in this year’s International Property Rights Index released by the Property Rights Alliance which promotes protection of innovation, IPR and physical property rights. From 70th last year, the country is now 67th out of the 129 economies surveyed by the index that seeks to serve as a barometer for the state of property rights in the world.
Released in partnership with the Foundation for Economic Freedom and Minimal Government Thinkers in the Philippines, the index showed the country lagging behind its Southeast Asian neighbors Singapore (4th), Malaysia (32nd), Thailand (64th) and Indonesia (65th). However, we did rank better than 83rd ranked Vietnam and Brunei Darussalam (98th).
The index focused at three components: legal and political environment, physical property rights and IPR. The Philippines latest ranking is a result of gains made in the physical property rights and IPR components.
In the physical property rights component which looks at protection or strength of the physical property rights system, process of registering property, and ease of access to loans, the country’s rank went up to 60th this year from 63rd a year ago. As for the IPR component which covers patent protection and copyright piracy, the Philippines climbed to the 58th spot from last year’s 62nd. We slipped to 102nd place from 95th in terms of the legal and political environment component which looks at judicial independence, rule of law, political stability, and control of corruption.
The Property Rights Alliance linked secure property rights to other indicators of economic freedom and social well-being wherein if people feel they can purchase, sell and value their properties in a free marketplace, the environment would encourage entrepreneurship and civic participation.
Given the benefits that stem from the respect and protection of property rights, Filipinos and their government need to do more to ensure that the slow but steady improvements that have been achieved can gather momentum and propel our country’s economy to greater heights.*