just released Economic Freedom Index from Heritage Foundation
The economy of the Philippines is 57.4 percent free, according to our 2007 assessment, which makes it the world's 97th freest economy.
Investment Freedom - 30.0%
The Philippines maintains barriers to many foreign investments. Two negative lists restrict both foreign investment and the ability of foreigners to practice in numerous sectors. Unofficial barriers, like high levels of corruption, also impede foreign investment. The mining sector is now open to 100 percent foreign-owned companies. Both residents and non-residents may hold foreign exchange accounts, although non-residents may do so only with foreign currency deposits or proceeds from conversions of property in the Philippines. Payments, capital transactions, and transfers are subject to numerous restrictions, controls, quantitative limits, and authorizations.
Property Rights - 30.0%
The Philippine judicial system enforces the law weakly. Judges are supposed to be independent, but several are corrupt, having been appointed strictly for political reasons. Organized crime is a strong deterrent to the administration of justice.
Freedom from Corruption - 25.0%
Corruption is perceived as widespread. The Philippines ranks 117th out of 158 countries in Transparency International's Corruption Perceptions Index for 2005.