The Philippines improved its rank and score in the 2019 International Property Rights Index (IPRI), jumping three notches to 67th from 70th in 2018 and scoring 5.31 from 5.08 last year.
Yet , the Philippines ranked fifth from among the six major Asean countries, better only than Vietnam which ranked 83rd.
The report released yesterday by the Property Rights Alliance (PRA) in partnership with the Foundation for Economic Freedom and Minimal Government Thinkers in the Philippines, said the improved ranking this year was largely attributed to the ability of the country to protect both physical and intellectual property rights.
The Philippines recorded higher scores and ranking in physical property rights (PPR) protection, 60th from 63rd and in intellectual property rights (IPR) protection, 58th from 62nd in 2018.
The Philippines joins other economies in Asia which have seen increases in property rights, notably by China (36 percent), Indonesia (30 percent), and the Philippines (20 percent) since the Index began in 2007 and have since helped billions reach moderate levels of protection.
In Asean, Singapore ranked the highest at fourth; Malaysia, 32nd; Thailand, 64th and; Indonesia , 65th
The index measures the strength of PPR and IPR and the legal and political environments that enforce them.
Property rights are seen as a key ingredient for economic and social prosperity.
The report said the Philippines was chosen for the first global launch due to the country’s rising importance in the regional and global economy with its big population and dynamic growth this decade.
In addition, some national issues reflect the situation in many other emerging economies such as proposals to weaken intellectual property protections in the pharmaceutical sector as well as an ongoing and outdated land reform program.
The report added 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.
Property rights are a key ingredient for economic and social prosperity.
Lorenzo Montanari, executive director of PRA, noted the importance of property rights protection saying this has robust correlation with other indicators of economic freedom and social well-being.
Finland remained first overall in protection of property rights, but it experienced a slight decrease in the legal and political environment.
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.