Economic Freedom, Inc.
Copyright ©2023. Foundation for Economic Freedom. All rights reserved.
During the Freedom Dinner 2023 held on November 16 in New York, the Foundation for Economic Freedom (FEF), was announced as the recipient of this year’s Templeton Freedom Award (TFA) from Atlas Network, along with its accompanying prize of US$100,000. Generously sponsored by the Templeton Religion Trust, TFA recognizes outstanding efforts in advancing economic freedom across the globe.
For almost a century, stringent investment laws in the Philippines created monopolies and hindered foreign investment in critical sectors such as telecommunications, transportation, and renewable energy. This, in turn, limited access to essential public services for millions of Filipinos. Over the span of seven years, the Foundation for Economic Freedom successfully pushed for amendments to the Public Service Act and the Implementing Rules and Regulations of the Renewable Energy Act. These reforms have opened avenues for foreign investment and competition in key industries.
As a result of these efforts, ordinary Filipinos now enjoy more affordable and reliable access to services, including wireless broadband internet in remote areas and improved mass transportation options. Various regions in the country can harness kinetic renewable energy sources like solar, wind, and tidal energy, ensuring electrification even in the most remote areas. Formerly ranked as the world’s third most restrictive country for foreign investment, the introduction of market competition is set to enhance public services and provide electricity to over one hundred million Filipinos. This development will positively impact education, disaster management, participation in the digital economy, and access to government services.
What is the Templeton Freedom Award?
The annual Templeton Freedom Award (TFA), named in honor of the late investor and philanthropist Sir John Templeton, commemorates his legacy by recognizing outstanding contributions to promoting human creativity in addressing poverty and addressing social issues through the power of free competition. Since its inception in 2004, the award has identified and celebrated the most exceptional and innovative initiatives. Generously supported by the Templeton Religion Trust since 2013, the TFA is the flagship honor within the Templeton Freedom Awards Prize program, which includes the Regional Liberty Awards.
All Regional Liberty Awardees are considered to be finalists for the TFA. Thanks to the Templeton Religion Trust’s generosity, the TFA’s Prize Program now grants a total of $270,000 in prizes annually.
Other Finalists for the Templeton Freedom Award 2023
Aside from FEF, several organizations across the globe were nominated as finalists for their contributions to the freedom movement.
FEF’s History with the Templeton Freedom Award
This is not the first time FEF won the award. In 2019, FEF won the TFA for its work in dismantling restrictions on agricultural land patents which liberated billions of dollars in land values. FEF advocated for the removal of antiquated legal constraints and opening up a free market for patent holders to use their land as a source of capital.
The distinguished award, accompanied by a cash prize of $100,000, was bestowed upon FEF during Atlas Network’s gala Freedom Dinner on November 7, 2019.