14 Dec 2016
Doing Business and Investing in the Philippines
The Philippine economic system is essentially market-oriented, although pricing mechanisms remain regulated in a few sectors to protect consumers. The Philippines has undergone significant structural reforms in the past decade. On the domestic front, the competitiveness of the market has been enhanced through the dismantling of protection for “infant industries” and the breakdown of industries with monopolistic or cartel tendencies. On the international front, the economy has been opened up to global competition, through a tariff reduction program and the loosening of restrictions on inward foreign investment. The result is a diverse economy, featuring a sound mix between the agricultural, industrial, and service industries.
Robust domestic consumption and higher government spending have helped cushion the economy from the worst of the global slowdown, while manageable inflation has allowed authorities to keep interest rates conducive to growth. The growth momentum is expected to continue as government works to ease the cost of doing business and as more infrastructure projects under the private-public partnership scheme get underway.
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