The Philippines climbed three spots to rank 67th out of 129 economies in the 2019 International Property Rights Index report.
It improved from its previous ranking of 70th out of 125 economies in 2018.
The improvement came from higher scores and ranking in physical property rights protection, 60th/129 from 63rd/125 in 2018, and in intellectual property rights protection, 58th from 62nd in 2018.
Property Rights Alliance released the 2019 International Property Rights Index in partnership with the Foundation for Economic Freedom and Minimal Government Thinkers in the Philippines.
The index measures the strength of physical property rights, intellectual property rights and the legal and political environments that enforce them.
The Philippines was chosen for the first global launch because of its rising importance in the regional and global economy with its big population and dynamic growth.
Some national issues reflect the situation in many other emerging economies such as proposals to weaken intellectual property protections in the pharmaceutical sector and the ongoing and outdated land reform program.
A focus on strengthening property rights can increase availability of new medicines, fight endemic corruption and transform the Philippines into a modern and dynamic economy.
Globally, only a tenth of the world’s people live in 20 countries with the strongest protections of property rights. These are also some of the wealthiest countries in the world.
Countries in the top quintile of the Index have a per capita income 16 times greater than those at the bottom.
“Property rights are human rights; without them, people are restrained in how they act, how they speak, and how they participate in the economy,” Property Rights Alliance executive director Lorenzo Montanar said. Othel V. Campos
Finland maintained its ranking as top overall ranking in protection of property rights, but it experienced a slight decrease in the legal and political environment.
The United States experienced increases in all categories and moved past Denmark and the United Kingdom, from 14th to 12th in property rights protections overall. The United States leads the world in copyright and patent intellectual property protections.