The Philippines has become worse off under President Benigno Aquino 3rd, according to the analysis of a respected London-based research organization, the Legatum Institute, a unit of one of the world’s biggest investment conglomerae.
In its 2012 “Prosperity Index,” the Legatum Institute put the Philippines in the 67th slot in its 144-nation list, in which rank 1 would be the most prosperous (Norway). The Philippines’ rank is the lowest in Southeast Asia, below Indonesia at 63 and Vietnam at 53.
From 2009 when it was in the 61st slot, the Philippines’ ranking has continuously slipped under Aquino’s watch to 66 in 2011 and 67 in 2012. Indonesia overtook the Philippines only this year, improving its “prosperity index” from 70 to 63. The index reflects not just a nation’s wealth but also the main factors reflecting the well-being, quality of life and life-satisfaction of its citizens.
According to the rankings, Filipinos would be worse off in these categories now than people in such countries as Mongolia, Romania, Uzbekistan and even in Greece, which has plunged into a near economic collapse so bad that suicide rates in Athens have alarmingly risen.
This prosperity index, since its start in 2008, have put the Scandinavian countries, Australia, New Zealand and Canada in its top 10 “prosperous countries.” This has bolstered its accuracy, as these findings are consistent with those of more recent quality-of-life indices such as Columbia University Earth Institute’s Happiness Index and the United Nations’ Human Development Index.
While the number of countries included in its list have increased, it did not affect the rankings of the upper- and middle-ranked nations (where the Philippines is) because these new entrants are very low-ranked countries such as Haiti, Chad, and Afghanistan.
While not too well known, the institute’s Prosperity Index is a highly respected metric for determining the well-being and quality of life of a nation’s people. It incorporates not just economic or social data but such important aspects of a citizen’s condition in a particular county such as the quality of his government, access to education and health facilities, his personal safety, even his report how satisfied he is with his life.
The prosperity index is based on 89 different variables, with its source data including Gallup World Polls, World Development Indicators, GDP, UN Human Development Report, World Bank, OECD, World Values Survey. Legatum’s “prosperity index” is respected by academicians because of its rigorous (and transparent_ econometric analysis undertaken by renowned scholars).
“The index offers a unique insight into how prosperity is forming and changing across the world,” according to the institute’s report available at its website.“The Prosperity Index is distinctive in that it is the only global measurement of prosperity based on both wealth and wellbeing.”
It explained:“Traditionally, a nation’s prosperity has been measured by macroeconomic indicators such as a country’s income, represented either by Gross Domestic Product or by average income per person (GDP per capita).”“However, most people would agree that prosperity is more than just the accumulation of material wealth, it is also the joy of everyday life and the prospect of being able to build a better life in the future.”