Despite gloomy global trade forecasts, the Philippines’ strong macroeconomic fundamentals, competitive geographical and labour force advantages, and rising domestic consumption bode well for future trade and investment.
Philippines Tax
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This chapter gives a breakdown of the tax environment in the Philippines, examining new developments that include separate tax regimes offered in special economic zones, regulations governing transfer pricing and bookkeeping requirements. It also contains an interview with Marivic Españo, Chairperson and CEO, P&A Grant Thornton.
A series of reforms initiated by the administration of President Benigno Aquino III in the last few years have boosted spending on infrastructure and opened key industries to outside investors. The reforms prompted a series of upgrades to the Philippines’ credit ratings and echo initiatives taken in the region as it embarks on greater integration through the ASEAN Economic Community.
The Philippine economy is gradually on the rise, largely driven by its business process outsourcing, industry and construction sectors. The average pace of growth in the Philippines in the first half of the decade was 6.3%, compared to 6% in Indonesia, 5.8% in Malaysia and Vietnam, and 3.6% in Thailand.
This chapter examines the key elements of the Philippine tax regime, featuring an interview with Marivic C Espano, Chairperson and CEO, Punonbayan & Araullo.
A diverse country with an intriguing history, the Philippines today is a multi-party, democratic republic, open to foreign investment, and integrated within the regional and international political and economic community.
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