This review assesses the overall investment climate in the Philippines, looking at investment policy, investment promotion and facilitation, competition policy, infrastructure investment and responsible business conduct. The Review documents successful reform episodes over the past 25 years in the Philippines, assesses their impact and suggests areas for further reforms. It looks at how to raise investment levels by both foreign and domestic enterprises and at how to ensure that such investment contributes to sustainable and inclusive growth. The current macroeconomic situation in the Philippines is favourable, remittances are high, the business process outsource industry is booming, and the new Competition Act will help to make the domestic market more competitive. The Review argues for one further reform push to ease the many restrictions on foreign investors in the Philippines so as to provide an investment climate where all firms can invest and grow.
- 12 May 2016
Legal protection of investment in the Philippines
This chapter examines legal protection for domestic and foreign investors in the Philippine regulatory framework for investment. It looks at reforms that have progressively been introduced to enhance the transparency and predictability of investment policies, along with the progressive liberalisation of investment restrictions. Both domestic and foreign investors now benefit from key protection provisions under domestic law and international investment agreements. Particular attention is given to the regime for expropriation, as well as to the reform efforts made to protect intellectual property rights and to improve the access of foreign investors to land. The adjudication of investment disputes, including investor-state disputes, and Philippine investment treaty practice, including its relation with emerging ASEAN practice, are also addressed. The ongoing review of the existing investment treaties of the Philippines offers an opportunity for further modernising and harmonising Philippine investment policy.