Palace welcomes American think tank’s positive ratings on ‘Labor Freedom’

The Palace welcomed the positive ratings the country received from a United States-based think tank regarding “Labor Freedom”.

“We note the results of the 2015 Economic Freedom Index indicating an improvement in the country’s ‘Labor Freedom’ score, which jumped by 8.5 points to 58.2 points—the highest in the last 10 years—as measured by the Heritage Foundation,” Communication Secretary Herminio Coloma, Jr. said.

Secretary Coloma said that Labor and Employment Secretary Rosalinda Dimapilis-Baldoz attributed this improved performance to the partnership of labor, business and government in enhancing the labor market.

In its website, the Heritage Foundation noted that “in general, the greater degree of labor freedom, the lower the rate of employment in an economy”.

“This is borne out by the 2015 Labor Force Survey, which showed that the employment, underemployment, and unemployment situation in the country has improved,” Coloma added.

According to the Index’s website, the Heritage Foundation is considered as Washington’s number one think tank. The Index of Economic Freedom is an annual guide published by The Wall Street Journal and the foundation.

The website defined economic freedom as the fundamental right of every human to control his or her own labor and property, and labor freedom as a quantitative measure that looks into various aspects of the legal and regulatory framework of a country’s labor market.

Coloma further assured that the administration of President Benigno S. Aquino III will continue to improve the labor conditions in the country.

“The government will continue to pursue reforms that promote economic freedom and productivity as a strategy for achieving inclusive growth,” he said. (PCOO News Release)