Institutions and markets in the Philippines : evidence from global indicators

Abstract

The objective of this paper is to assess the administrative, economic and social institutions in the Philippines. For this purpose, the paper utilises seven indicators relating to administrative, economic and social governance to assess the scores and the rankings assigned to the Philippines and compares them to scores and rankings pertaining to (i) other ASEAN member countries and (ii) other countries globally. The indices utilised in the study are also tested for correlation, using a one-to-one comparison, to (a) GDP per capita (b) economic growth and (c) macroeconomic stability, so as to assess how these macroeconomic aggregates relate to the scores of the indices. The results indicate that the Philippines registered relatively low scores with regard to its institutional set-ups when compared to other countries in the region and globally.