At Freedom Dinner 2023 on November 16, Foundation for Economic Freedom, based in the Philippines, was announced as this year's winner of Atlas Network's prestigious Templeton Freedom Award and its US$100,000 prize. The Templeton Freedom Award is generously sponsored by the Templeton Religion Trust.
For nearly a century, restrictive laws in the Philippines paved the way for monopolies and stifled foreign investment in telecommunications, transportation, and renewable energy—making these crucial public services less accessible. Thanks to the Foundation for Economic Freedom’s seven-year effort, the Philippine government amended the country's Public Service Act and the Implementing Rules and Regulations of the Renewable Energy Act, opening the door to foreign investment and competition in these key industries.
These changes give ordinary Filipinos more affordable and reliable access to wireless broadband internet, mass transportation options, and more. And now, renewable energy sources such as solar, wind, and tidal energy can help provide electrification in even the most remote areas. In what was previously the world’s third most restrictive country for foreign investment, market competition is already bringing better services and energy access at lower costs for over one hundred million Filipinos.
