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OECD Investment Policy Reviews: Philippines 2016

image of OECD Investment Policy Reviews: Philippines 2016

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.

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Infrastructure investment in the Philippines

The Philippine economy, one of the fastest growing in Southeast Asia, is placing increasing demands on existing infrastructure networks. Although levels of public spending on infrastructure have historically been low, this trend is being reversed, together with growing openness to private participation and greater competition in infrastructure markets. A programme for public-private partnerships (PPPs) was launched in 2010 and the authorities aim to accelerate its roll-out, notably by establishing a PPP Centre and planned amendments to the Build-Operate-Transfer (BOT) Law. Nonetheless, persisting gaps remain in terms of policy implementation, infrastructure regulation and effective investment attraction in key sectors. This chapter examines the current context of infrastructure development in the Philippines. It reviews the recent reforms to boost infrastructure investment, including to enhance private participation in infrastructure, and the remaining obstacles to improving the legal and institutional framework for private investment in infrastructure.

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