By Bernie Cahiles-Magkilat
The Philippines’ overall ranking and score in the 2019 International Property Rights Index has improved to 67th out of 129 economies covered, up from 70th out of 125 economies in 2018.
Property Rights Alliance released the 2019 International Property Rights Index (IPRI) 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.
According to the report, improvements in the Philippines came from higher scores and ranking in physical property rights (PPR) protection, 60th/129 vs 63rd/125 in 2018, and in intellectual property rights (IPR) protection, 58th vs 62nd in 2018.
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. In fact, countries in the top quintile of the Index have a per capita income 16 times greater than those at the bottom.
Finland remained 1st 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.
In Asia, increases in property rights, notably by China (36%), Indonesia (30%), and the Philippines (20%) since the Index began in 2007 have helped billions reach moderate levels of protection.
While the trade war between China and the Unites States has drawn attention to the importance of intellectual property rights, the IP gap remains the same.
Western Europe and North America continue to lead the world in intellectual property protections with an average score, 39 percent greater than the rest of the world.
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such as proposals to weaken intellectual property protections in the pharmaceutical sector as well as an on-going and outdated land reform program.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.
Lorenzo Montanari, the Executive Director of Property Rights Alliance, said “property rights are human rights; without them, people are restrained in how they act, how they speak, and how they participate in the economy.” (BCM)