Philippines Financial Services

THE COMPANY: Petron Corporation (PCOR) was incorporated in 1966, with a 68% controlling interest held by San Miguel Corporation. PCOR refines imported crude oil and is involved in the marketing and distribution of a variety of petroleum products in the Philippines and Malaysia.

With development dating back nearly 200 years, the Philippine insurance sector is among the region’s most mature and competitive, expanding steadily in recent years despite serious challenges in 2014. The nation remains prone to natural disasters, as evidenced by Typhoon Haiyan, a category-five storm that caused billions in damage when it...

THE COMPANY: Incorporated in 1998, Aboitiz Power Corporation (AP) operates as the power unit of the Aboitiz Group. As a publicly listed firm, AP is considered to be one of the leading local players in the power industry, with interests in a variety of privately owned power generation companies and...

To what extent can further liberalisation strengthen domestic companies for ASEAN integration and facilitate the entrance of more foreign players, particularly in the banking sector?

In a move to open its banking sector to foreign investment in 2014, the Philippines eased or lifted key restrictions that had kept foreign participation at a stunted level, with gradual investments from foreign players expected over the course of 2015 and 2016.

The Philippines is party to a number of free trade agreements (FTAs), many of which are overlapping, and some of which have become redundant. It is part of ASEAN’s Free Trade Area and is a signatory to many FTAs between ASEAN and other countries, such as Australia, China, India, Japan, New Zealand and South Korea. The country also has a bilateral...