An economy that works under a basically free enterprise system generally strives to

attain the following goals or objectives:

To strengthen the economic freedom –

● Governments can promote economic freedom by providing a legal structure and a
law-enforcement system that protect the property rights of owners and enforce
contracts in an even handed
● Reduce government intervention: Minimize regulations, bureaucracy, and red tape to
allow businesses to operate more freely.
● International trade. Countries that refrain from enacting protectionist tariffs, quotas, and
capital controls get higher ratings in this area (see international trade). Economic
freedom means that people can engage in trade with any person of their choosing. If the
government taxes or otherwise prevents people from buying or selling with people in
other countries, it reduces their freedom.
● Sound money is a measure of how much the government refrains from abusing its
monopoly power. To get high ratings here, a country’s inflation must be low and stable,
and the government must permit people to own currencies of other nations.

To promote overall economic efficiency

● Economic efficiency can be improved or promote by reducing waste or inefficiency in the
production process. This can be achieved in various ways, such as by adopting more
efficient production technologies, reducing unnecessary inputs, improving management
practices, or better utilizing existing resources.
● To promote economic efficiency, policy makers can use various tools, such as markets,
prices, taxes, subsidies, regulations, and public goods. Markets and prices can help
allocate resources according to the preferences and willingness to pay of consumers
and producers.

To promote economic growth

● By increasing investments in education, research and development. This would be the
best way for the economy to produce better technologies and increase the output of
better technologies and increase the output of workers.
● Should increase public and private investment in labor-intensive economic sectors that
generate wider benefits for society. These include sustainable water, energy, digital, and
transport infrastructure, care sectors, the rural economy, and education and training

To promote economic stability

● While the Philippines has emerged as one of the fastest growing economies in the
region, many Filipinos are being left behind. USAID promotes inclusive economic growth
and encourages investment by promoting reforms that create a favorable environment
for private enterprise to thrive. This includes efforts to reduce regulatory bottlenecks
and barriers to greater trade and investment; improve the environment for
competition; enhance Philippine competitiveness; and support the digital
transformation of the Philippine economy. USAID also partners with urban centers
 outside of Metro Manila to help them become engines of sustainable, resilient economic
growth.

To improve economic security

● To secure the economic future of Filipinos, it’s crucial for the government to introduce
policy changes that tackle regulatory barriers and fitting incentives to speed up priority
investments, particularly those linked to manufacturing, infrastructure that are
domestic-oriented and can decrease import dependence thereby invigorating local
industries as the new engines of our economy.
● Government programs can provide a safety net to keep people from becoming destitute.
The U.S. government established Social Security, which is a program of disability and
retirement benefits. The U.S. government also established Medicare, a health insurance
program for senior citizens.